ICE Canada Morning Comment: Canola bounces back

Support from higher soyoil, rapeseed

By Glen Hallick, MarketsFarm

WINNIPEG, Nov. 27 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Friday morning, getting support from edible oils.

Chicago soyoil was up as the United States markets reopened following the Thanksgiving holiday. However, the markets will close early today at 12:05 pm.

European rapeseed was also higher, but Malaysian palm oil was lower.

A stronger Canadian dollar was tempering further gains in canola. The loonie was at 77.01 U.S. cents, compared to Thursday’s close of 76.85.

The Canadian Grain Commission issued it weekly grain handling summary on Thursday, and producer deliveries of canola amounted to 485,500 tonnes for the week ended Nov. 22. Canola exports came to 309,500 tonnes and domestic usage topped 183,900 tonnes.

The canola markets will see positioning heading into the Statistics Canada report on principal field crops to be released on Dec. 3.

About 5,500 canola contracts had traded as of 8:39 CST.

Prices in Canadian dollars per metric tonne at 8:39 CST:

Price Change
Canola Jan 581.00 up 3.60
Mar 576.50 up 2.10
May 573.40 up 2.40
Jul 567.00 up 1.90

Futures Prices as of November 27, 2020

Price Change
Milling Wheat
1970-01-01 00:00
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New Barley
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Price Change

Prices are in Canadian dollars per metric ton

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