WINNIPEG, Dec. 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning, stepping back in tune with losses in Chicago soyoil and Malaysian palm oil.
The declines were tempered by gains in Chicago soybeans and soymeal, along with European rapeseed.
With trading now in holiday mode, more volatility is expected.
Agriculture and Agri-Food Canada (AAFC) released its monthly supply and demand estimates late Friday afternoon. Based on the 2021/22 production data of 12.6 million tonnes from Statistics Canada earlier this month, AAFC has called for canola exports of 5.4 million tonnes, down 1.8 per cent from November’s report. Also, the department trimmed domestic usage by one per cent at 8.61 million, and kept ending stocks at 500,000 tonnes.
The Canadian dollar was weaker this morning, with the loonie at 77.28 U.S. cents compared to Friday’s close of 77.85.
About 5,550 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Jan 1,007.10 dn 7.20
Mar 1,000.00 dn 3.10
May 960.90 dn 4.50
Jul 909.10 dn 6.10
