By Glen Hallick, MarketsFarm
WINNIPEG, June 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to fall back on Tuesday morning, as all contracts slipped below C$1,000 per tonne.
After trading resumed at the Chicago Board of Trade (CBOT) the soy complex was down hard. Also, there were steep declines in European rapeseed while those in Malaysian palm oil were much more moderate. Gains in global crude oil prices attempted to temper further losses in vegetable oils.
A series of systems has been forecast to bring rain across the Prairies for most of the week. The moisture will be welcomed on the dry areas of the region.
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Agriculture and Agri-Food Canada (AAFC) issued its latest supply and demand estimates late yesterday afternoon. The department pegged canola production for 2022/23 at 17.95 million tonnes, unchanged from May’s estimate.
As the United States dollar lost ground, the Canadian dollar was on the rise Tuesday morning. The loonie climbed to 77.27 U.S. cents, compared to Monday’s close of 76.96.
About 10,350 contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Jul 997.30 dn 24.00
Nov 948.50 dn 14.30
Jan 954.70 dn 14.90
Mar 958.40 dn 15.60
