ICE Canada Morning Comment: Canola on the rise
USDA releases S&D report at 11 am Central
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned higher on Tuesday morning, following small losses in the overnight session.
Support for canola came from gains in Chicago soybeans and soymeal. However, there were declines in Chicago soyoil and Malaysian palm oil while European rapeseed was mostly lower. Small upticks in crude oil underpinned the vegetable oils.
The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates at 11 am CST. The canola market will be taking direction from the Chicago soy complex before and after the report is issued.
The USDA will also publish its world oilseed report, in which the department has consistently forecast Canadian canola production for 2024/25 at 20 million tonnes. Last week, Statistics Canada cut its estimate to 17.84 million tonnes from 18.98 million.
The Canadian dollar fell back Tuesday morning, with the loonie at 70.58 U.S. cents compared to Monday’s close of 70.77.
Approximately 18,900 contracts were traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 622.70 up 4.00 Mar 631.10 up 3.60 May 638.70 up 3.60 Jul 641.70 up 4.00
