By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures dipped Friday morning, moving away from nearby resistance levels.
Canola exports continued to lag well behind last year’s pace. The Canadian Grain Commission reported those exports for the week ended Nov. 9 dropped to 121,200 tonnes from the previous week’s 188,400. The year-to-date reached 1.54 million tonnes, versus 3.36 million the same time last year.
The lack of export sales to China has remained a looming factor over the canola market. However, the Canadian government said progress is being made towards a trade deal with China.
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Gains in the Chicago soy complex provided support, but MATIF rapeseed is down and Malaysian palm oil is mixed. There’s spillover from stronger crude oil prices.
The United States Department of Agriculture is scheduled to issue its November supply and demand report today. Any changes to soybeans could affect canola prices.
The Canadian dollar was virtually unchanged on Friday morning, with the loonie at 71.33 U.S. cents.
Approximately 8,900 contracts were traded by 8:40 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Jan 648.30 dn 2.60
Mar 659.10 dn 2.50
May 667.80 dn 2.50
Jul 673.00 dn 2.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
