By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly lower on Wednesday morning, as the Chicago soy complex was stepping away from its overnight highs, taking the Canadian oilseed with it. However there was some support from increases in Malaysian palm oil and European rapeseed.
Statistics Canada released its report on grain stocks as of July 1, with canola total stocks for 2020/21 falling to 1.77 million tonnes, their lowest level since July 2017. That said, earlier expectations had been for the recent marketing year to close out at around 700,000 tonnes.
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The Prairie forecast has called for harvest weather with temperatures in the mid to high 20 degrees Celsius. Rain for the region is not expected until the weekend at earliest, particularly for Alberta.
Manitoba issued its weekly crop report on Tuesday, with the province-wide harvest of all crops at the halfway point. As of Sept. 6, the combining of canola jumped from seven to 32 per cent complete.
The Canadian dollar was lower this morning with the loonie at 78.91 U.S. cents compared to Tuesday’s close of 79.23.
About 6,850 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Nov 878.00 dn 2.10
Jan 863.00 dn 1.50
Mar 844.40 dn 1.50
May 823.40 dn 1.90
