ICE Canada Morning Comment: Canola weaker with comparable oils
Notable revisions to AAFC's canola numbers
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Thursday morning, following the downward trend in comparable oils.
There were declines in Chicago soybeans and soyoil, as well as European rapeseed and Malaysian palm oil. Chicago soymeal was up slightly. Losses in crude oil added pressure on the vegetable oils.
Although Canada’s old crop canola supplies continue to tighten, an analyst said the trade is turning its focus towards the new crop.
Agriculture and Agri-Food Canada raised its estimate on canola exports for 2024/25 by one million tonnes in its May report, now at 8.50 million. Also, AAFC dropped its call on feed, waste and dockage to minus 609,000 tonnes, pending revisions to old crop production from Statistics Canada.
The Canadian dollar fell back on Thursday morning, with the loonie at 72.03 U.S. cents, compared to Wednesday’s close of 72.21.
Approximately 13,400 contracts were traded by 8:38 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 708.80 dn 7.20 Nov 679.00 dn 7.00 Jan 685.90 dn 6.50 Mar 692.30 dn 5.90
