WINNIPEG, Manitoba--Intercontinental Exchange canola futures failed to hang on to gains in a bout of choppy trading Friday, due to a lack of sufficient support from comparable oils.
Support for canola came from increases in Chicago soybeans and especially soyoil, but soymeal slipped back. European rapeseed and Malaysian palm oil were narrowly mixed. Small upticks in global crude oil prices managed to provide a little bit of direction to the vegetable oils.
While parts of southern Manitoba received rain on Friday, the majority of the Prairies were conducive to good harvest progress.
Alberta is scheduled to release its weekly crop report later this afternoon.
The Canadian Grain Commission reported year-to-date producer of deliveries of canola were 1.91 million tons versus 1.53 million a year ago. At 492,500 tons, canola exports were far ahead of last year of 197,600. Domestic use also stayed in front of the year ago at 194,100 tons compared to 170,600.
The Canadian dollar lost its upward momentum by mid-afternoon Friday with the loonie unchanged at 74.15 U.S. cents.
There were 31,262 contracts traded on Friday, which compares with Thursday when 39,629 contracts changed hands. Spreading accounted for 20,514 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change Nov 722.00 dn 3.30 Jan 731.80 dn 3.50 Mar 738.50 dn 3.80 May 744.40 dn 3.50 Spread trade prices are Canadian dollars and the volume represents the number of spreads: Months Prices Volume Nov/Jan 9.10 under to 10.00 under 5,362 Nov/Mar 15.40 under to 16.60 under 470 Nov/May 20.80 under to 21.80 under 156 Nov/Jul 25.00 under to 26.10 under 150 Nov/Nov 5.00 over to 1.00 under 104 Jan/Mar 6.10 under to 7.10 under 2,049 Jan/May 11.40 under to 12.90 under 18 Jan/Nov 10.90 over to 8.90 over 4 Mar/May 5.20 under to 6.20 under 1,660 Mar/Jul 9.60 under 3 May/Jul 2.80 over to 3.70 over 169 Jul/Nov 29.70 over to 25.10 over 112
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-22-23 1535ET