By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 21 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading lower Monday morning as the Canadian dollar continued to gain strength.
After closing Friday at 76.15 U.S. cents, the loonie gained more than a tenth of a cent at 76.26.
With drier conditions, Prairie farmers made some progress over the weekend with the harvest. Below average temperatures in the mid to upper single digits will persist during the week. However, rain is expected to fall on parts of Manitoba on Tuesday and Wednesday. Another system will bring snow and rain to parts of Alberta and Saskatchewan.
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Agriculture and Agri-Food Canada (AAFC) issued its October Outlook for Principal Field Crops on Oct. 18. Canola production for 2019/20 was estimated to be 19.36 million tonnes, a drop of five per cent from last year. The carryout for 2019/20 was estimated to be 4.70 million tonnes, for an increase of 260,000 tonnes from AAFC’s September outlook.
Canola exports were forecast to be 9.20 million tonnes, which would be 1.10 million below the five-year average, largely due to China’s ban on canola imports from Canada. However, drops in production of Australian canola and European rapeseed countered some of Canada’s lost exports.
About 5,600 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola Nov 452.40 dn 1.30
Jan 460.60 dn 1.30
Mar 469.60 dn 1.40
May 477.30 dn 1.30
