ICE Canada Morning Comment: Canola above C$600 per tonne
StatCan revises production numbers
By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were gaining strength on Thursday morning, following comparable oils to the upside.
There were increases in the Chicago soy complex, European rapeseed and Malaysian palm oil. Upticks in crude oil spilled over into the vegetable oils.
As the November canola contract exceeded its 20-day moving average it moved closer to its 50-day average. Canola crush margins made gains with the November positions at C$93 to C$99 per tonne above the futures.
Yesterday, Statistics Canada issued its principal field crops report projecting 2024/25 canola production at 19.50 million tonnes, up from 18.63 million estimated earlier this year by Agriculture and Agri-Food Canada. StatCan is scheduled to release its grain stocks as of July 31 report on Sept. 9 and its updated principal field crops report on Sept. 16.
The Canadian dollar was softer on Thursday morning with the loonie at 74.17 U.S. cents compared to Wednesday’s close of 74.23.
The markets in Canada and the United States will be closed on Monday for Labour Day.
Approximately 6,900 contracts had traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 606.70 up 10.90 Jan 615.80 up 9.50 Mar 623.60 up 9.30 May 628.70 up 9.10
