ICE Canada Morning Comment: Trying to shrug off overnight declines
Tight supplies, new crop issues hover over canola futures
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were either side of unchanged on Monday morning, attempting to recover from overnight losses.
Support for canola is mixed, with spillover coming from slight upticks in Chicago soyoil and Malaysian palm oil. European rapeseed along with Chicago and soymeal eased back while soybeans were narrowly mixed. Crude oil prices edged upward to underpin the vegetable oils.
Alberta reported on Friday that spring planting was virtually complete, including the province’s canola. Of the oilseed, 68 per cent had emerged.
The Canadian Grain Commission said canola exports of 8.52 million tonnes surpassed the revised estimate from Agriculture and Agri-Food Canada of 8.5 million. There are nine weeks left in the 2024/25 marketing year.
Tightening old crop supplies and concerns over the forthcoming crop due to dry conditions and trade issues continued to keep a lid on further declines.
The Canadian dollar was unchanged on Monday morning, with the loonie at 73.05 U.S. cents.
Approximately 8,050 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 711.80 up 1.00 Nov 691.40 dn 1.20 Jan 698.50 dn 1.50 Mar 704.50 dn 1.50
