By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning in a show of independent strength from other edible oils.
Chicago soyoil was lower, as were European rapeseed and Malaysian palm oil. Meanwhile Chicago soybeans and soymeal were higher.
Yesterday, a trader surmised that speculative funds were likely behind the increases in the canola to see how far they could push it.
Tightening canola supplies continued to underpin values. The prospect of a 15 million to 17 million-tonne crop this year could give way to lower estimates. Statistics Canada is scheduled to release its survey-based report on principal field crops on Aug. 30, followed by its satellite-based report on Sept. 30.
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Until then, the trade is dependent on the weekly crop reports for guidance, of which Manitoba will release its report later today.
ICE canola crush margins tumbled yesterday, with the nearby contracts falling to the C$9.50 to C$11.25 per tonne range.
Temperatures today for most of the Prairies will begin to recede towards normal. That is likely to generate rain later this week.
The Canadian dollar was weaker this morning, with loonie at 79.27 U.S. cents, compared to Monday’s close of 79.56.
About 5,350 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 925.40 up 13.00
Jan 910.20 up 12.00
Mar 893.00 up 12.30
May 865.20 up 4.50
