ICE Canada Morning Comment: Canola continuing to rally
AAFC raises canola ending stocks
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the rise Wednesday morning.
While good seeding progress is expected to be made on the Prairies this week, rains still have the trade concerned about delays getting the crop into the ground.
Support for canola also came from upticks in Chicago soybeans and soyoil, along with European rapeseed. Pressure was derived from losses in Chicago soymeal. Modest losses in crude oil weighed on oilseed values.
Agriculture and Agri-Food Canada issued its monthly report late Tuesday afternoon. Due to lower than projected exports, canola ending stocks for 2023/24 were raised by 550,000 tonnes at 2.55 million, while those for 2024/25 increased 850,000 tonnes at 2.5 million.
There was some upward movement in the November crush margins, helping to underpin canola values.
The Canadian dollar eased back on Wednesday morning, with the loonie at 73.18 U.S. cents compared to Tuesday’s close of 73.27.
Approximately 12,350 contracts had traded by 8:34 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 670.60 up 5.40 Nov 691.40 up 5.80 Jan 699.60 up 5.90 Mar 711.00 up 5.10
