ICE canola mixed at midday Thursday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Aug. 26 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, with intermonth spreading a feature as commercial traders adjusted their positions.
The nearby November contract held onto small gains at midday, but the more deferred positions were all lower.
Losses in Chicago Board of Trade soyoil put some pressure on values, although soymeal was higher.
Positioning ahead of Statistics Canada’s survey-based production estimates, set for release on Aug. 30, kept some caution in the market. Traders generally expect to see a decline in canola production compared to the 18.7 million tonnes grown in 2020, but the extent of the reduction remains to be seen with estimates ranging from 11.5 million to 16 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…

Agriculture and Agri-Food Canada released their own supply/demand forecasts Thursday morning, pegging canola production for the year at 15.0 million tonnes. AAFC sees canola exports during the 2021/22 marketing year at 7.0 million tonnes, which would be well below the 10.9 million in 2020/21.
About 10,000 canola contracts traded as of 10:55 CDT.

Prices in Canadian dollars per metric tonne at 10:55 CDT:

Price Change
Canola Nov 914.70 up 0.30
Jan 895.10 dn 2.50
Mar 866.30 dn 6.50
May 835.40 dn 10.90