ICE Canada Morning Comment: Weaker veg oils weigh on canola
AAFC releases November report
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued lower on Wednesday morning, pulled down by losses in the Chicago soy complex.
More pressure on canola came from declines in European rapeseed and Malaysian palm oil. Modest upticks in crude oil tempered further losses in the vegetable oils.
The Canadian government confirmed yesterday federal agriculture minister Lawrence MacAulay traveled to China last week, where he met with Chinese government officials to discuss the canola trade. However, the results of talks were not announced.
Agriculture and Agri-Food Canada left its canola estimates unchanged in its monthly report released on Tuesday, with 2024/25 canola exports at 7.5 million tonnes and ending stocks at 2.2 million.
Statistics Canada is scheduled release its survey-based production estimates on Dec. 5. The trade is expecting a cut to canola production from StatCan’s September report.
The Canadian dollar was slightly lower on Wednesday morning, with the loonie at 71.49 U.S. cents compared to Tuesday’s close of 71.53.
Approximately 12,100 contracts were traded by 8:44 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 624.40 dn 5.40 Mar 637.40 dn 5.30 May 647.20 dn 6.00 Jul 652.00 dn 6.00
