By Glen Hallick, MarketsFarm
WINNIPEG, Sept.7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were making small gains on Wednesday morning, following the Statistics Canada (StatCan) stocks report.
StatCan estimated on-farm canola stocks at 242,000 tonnes, 77.4 per cent less than a year ago. Commercial stocks were pegged at 633,000 tonnes, down 10.1 per cent from last July. Total wheat stocks were said to be 3.67 million tonnes, dropping back 38.3 per cent from the same time last year.
While lower Chicago soyoil prices weighed on canola values, there was support from increases in soybeans and soymeal. There was spillover from gains in European rapeseed, but losses in Malaysian palm oil. Global crude oil prices were heading downward putting pressure on vegetable oils.
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After warm temperatures today, the Prairies are forecast to feel a little bit of fall tomorrow, with highs in the upper teens to low 20 degrees Celsius. While parts of Alberta will see some rain, Saskatchewan and Manitoba are expected to remain dry.
Manitoba reported its province-wide harvest was 15 per cent complete, with winter cereals virtually finished. Canola was one per cent harvested.
As the United States dollar continued to push higher, the Canadian dollar was weaker on Wednesday morning. The loonie fell back to 75.71 U.S. cents, compared to Tuesday’s close of 76.11.
About 6,550 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 799.60 up 1.00
Jan 807.00 up 0.60
Mar 811.50 up 0.20
May 812.50 dn 0.40
