By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Tuesday following the release of today’s Statistics Canada production estimates.
The model-based principal field crop report pegged canola production for 2023/24 at 17.56 million tonnes, down from last year’s nearly 18.70 million. The average trade guess going into the report was 17.40 million tonnes.
An analyst commented the StatCan report was “bullish overall” and that “canola was getting a ride out it,” warning the markets won’t focus on it for very long.
Read Also
North American Grain and Oilseed Review: Canola slightly higher
A positive turn in Chicago By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures hung on to…
Additional support for canola was coming from small gains in Chicago soyoil and Malaysian palm oil. However, losses in Chicago soybeans and soymeal, as well as European rapeseed weighed on canola values. Slight upticks in global crude oil prices lent support to the vegetable oils.
Temperatures across the Prairies will range from the low 30 degrees Celsius in Alberta to the mid to upper 20’s in the rest of the of the region.
The Canadian dollar was virtually unchanged at mid-Tuesday morning, with the loonie at 73.58 U.S. cents.
Approximately 18,100 canola contracts were traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Price Change Canola Nov 814.80 up 5.70 Jan 820.90 up 5.10 Mar 824.00 up 5.20 May 823.90 up 6.50
