By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower Friday morning, due to losses in the Chicago soy complex, European rapeseed and Malaysian palm oil.
The markets will be positioning ahead of the Statistics Canada production report on Monday. Expectations range from 11.5 million to 16 million tonnes of the Canadian oilseed for 2021/22.
As well, the markets will continue to react to yesterday’s supply and demand estimates from Agriculture and Agri-Food Canada, which pegged canola production this year at 15 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…
A weaker Canadian dollar was tempering declines in canola. In light of a stronger United States dollar, the loonie was at 78.73 U.S. cents compared to Thursday’s close of 79.05.
The Canadian Grain Commission reported producer deliveries of canola were 106,600 tonnes for the week ended Aug. 22. That’s an increase of 6.1 per cent from the previous week. Canola exports plummeted 93.2 per cent at 6,200 tonnes. Domestic usage was down 10.6 per cent at 138,100 tonnes.
Alberta is scheduled to issue its crop report at 2 pm CDT. This will be the last bi-weekly report, with the province reverting to weekly reports.
About 4,400 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Price Change
Canola Nov 906.50 dn 7.60
Jan 889.00 dn 5.90
Mar 859.80 dn 6.20
May 825.30 dn 9.60
