By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower Thursday morning, following the Chicago soy complex as well as European rapeseed to the downside. There were small increases in Malaysian palm oil.
ICE canola crush margins fell back further yesterday, dropping to C$13.11 below the November contract.
Ahead of the Statistics Canada production report on Monday, Agriculture and Agri-Food Canada (AAFC) issued its monthly supply and demand estimates this morning. Canola production for 2021/22 has been cut to 15 million tonnes from the July estimate of 19.89 million tonnes. The latest estimate from AAFC falls within trade expectations of 11.5 million to 16 million tonnes.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
Saskatchewan is scheduled to release its weekly crop report later today. Earlier this week, Manitoba reported its canola was four per cent harvested.
Temperatures across the Prairies are forecast on Thursday to be in the low 20 degrees Celsius with light showers for the region on Friday.
The Canadian dollar was virtually unchanged at 79.32 U.S. cents compared to Wednesday’s close of 79.25.
About 3,200 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 903.90 dn 11.20
Jan 888.00 dn 9.60
Mar 863.50 dn 9.30
May 835.60 dn 10.70
