ICE Canada Morning Comment: Canola pushing upward
Old crop supplies continue to dwindle
By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday morning, as old crop supplies continued to shrink.
The Canadian Grain Commission reported cumulative canola exports for 2024/25 reached 7.88 million tonnes, further exceeding the 7.50 million Agriculture and Agri-Food Canada projected for the marketing year.
On Thursday, Statistics Canada estimated total canola stocks as of March 31 at 5.87 million tonnes versus 9.58 million a year ago.
However, there have been suggestions in the trade that StatCan is up to 1.50 million tonnes short on its 2024/25 production estimate.
Saskatchewan reported overall planting was at 18 per cent complete and canola seeding at 10 per cent.
The United States Department of Agriculture is set to release its May supply and demand report on Monday at 11 a.m. CDT. Any notable changes to soybeans will be felt in canola.
Increases in the Chicago soy complex, Malaysian palm oil and European rapeseed lent support to canola. Also, upticks in crude oil were spilling over into the vegetable oils.
The Canadian dollar was a pinch lower on Friday morning, with the loonie at 71.85 U.S. cents, compared to Thursday’s close of 71.91.
Approximately 10,300 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 708.90 up 8.00 Nov 665.80 up 3.30 Jan 673.70 up 3.00 Mar 679.30 up 2.10
