ICE Canada Morning Comment: Canola turns lower
Trade turning eyes toward Dec. 5 StatCan report
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back slightly Monday morning, after closing Friday on a high note.
Canola was pressured by losses in the Chicago soy complex. As well, Malaysian palm oil fell hard while European rapeseed turned mixed.
Increased tensions in the Russia-Ukraine war helped to push crude oil higher, lending some support to the vegetable oils.
The January canola contract was near or above its major moving averages, which underpinned values.
The trade has been turning its attention towards the next principal field crop report from Statistics Canada on Dec. 5. There have been suggestions canola production for 2024/25 could be cut by one million tonnes from StatCan’s current estimate of 18.98 million tonnes.
The Canadian dollar was unchanged on Monday morning, with the loonie at 71.03 U.S. cents.
Approximately 14,450 contracts were traded by 8:42 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 645.90 dn 0.80 Mar 659.90 dn 0.90 May 669.50 dn 0.40 Jul 672.20 dn 0.70
