By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Monday, as weakness in the Chicago soy complex weighed on value.
A trader said there wasn’t much a reaction in the markets regarding the long-awaited production report from Statistics Canada. The federal agency dropped its call on 2021/22 canola production to 14.7 million tonnes, for a cut of 24.3 per cent from last year’s crop. He expects that number drop further with the Statistics Canada report on Sept. 30 that will have a better handle on the harvest.
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The trader also noted there’s a lot of money on the table; leaving the door open to a C$30 to C$40 per tonne swing downward should profit-taking arise.
Coupled with the declines in Chicago were losses in Malaysian palm oil. However, there were small gains in European rapeseed to help temper losses in canola.
A higher Canadian dollar was weighing on the oilseed, with the loonie at 79.40 U.S. cents compared to Friday’s close of 78.15.
Approximately 8,500 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change
Canola Nov 901.30 dn 11.40
Jan 881.10 dn 9.00
Mar 853.80 dn 7.20
May 823.80 dn 6.00
