By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 22 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, finding some support to end the week after falling to six-month lows on Thursday.
Gains in Chicago soyoil and European rapeseed futures provided spillover support, although Malaysian palm oil was weaker on the day.
While some areas of concern persist, relatively favourable crop conditions across the Prairies tempered the upside.
Updated supply/demand estimates from Agriculture and Agri-Food Canada peg Canada’s 2022/23 canola crop at 18.4 million tonnes, which would be up by 46 per cent from the previous year’s drought-stricken crop. However, ending stocks are still forecast to be tight at only 450,000 tonnes, from an anticipated 400,000 in 2021/22, as exports and the domestic crush should also increase.
About 12,000 canola contracts traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Canola Nov 807.70 up 14.40
Jan 816.40 up 14.70
Mar 822.10 up 13.10
May 827.50 up 14.10
