WINNIPEG, Dec. 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning, while comparable oils were mixed.
There were declines in Chicago soybeans and soymeal, as well as European rapeseed. Increases in Chicago soyoil and Malaysian palm oil tempered further losses. Upticks in global crude oil prices lent support to vegetable oils.
Going into the holidays, trading volumes are expected become lighter as the week progresses. That could lead to volatility. However, prices are likely to remain rangebound.
Agriculture and Agri-Food Canada (AAFC) issued its supply and demand estimates on Friday. Based on Statistics Canada’s reduction in canola production for 2022/23, AAFC cut exports by 7.5 per cent at 8.60 million tonnes and domestic usage by 5.1 per cent at 9.75 million tonnes. Canola ending stocks were increased from 500,000 tonnes to 800,000.
The Canadian dollar was higher on Monday morning, with the loonie at 73.33 U.S. cents compared to Friday’s close of 73.06.
About 5,450 contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change Canola Jan 853.40 dn 9.90 Mar 847.30 dn 9.70 May 843.50 dn 8.70 Jul 839.00 dn 7.40
