ICE canola weakens with pre-report positioning

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Published: August 27, 2021

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Aug. 27 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, as traders squared positions ahead of the weekend and a key Statistics Canada production report on Monday.
The government agency will release its first survey-based production estimates for the 2021/22 crop on Monday morning, Aug. 30. 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.
Losses in Chicago Board of Trade soyoil and strength in the Canadian dollar put some pressure on canola.
Weekly Canadian canola export sales reported by the Canadian Grain Commission of only 6,200 tonnes marked the smallest weekly total of the past decade, with demand rationing starting to be noticed in the market.
About 14,800 canola contracts traded as of 10:54 CDT.

Prices in Canadian dollars per metric tonne at 10:54 CDT:

Price Change
Canola Nov 906.70 dn 7.60
Jan 885.00 dn 9.90
Mar 855.60 dn 10.40
May 823.60 dn 11.30

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