ICE canola gaining to start week

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was on the rise on Monday morning, finding support from gains in vegetable oils.

Chicago soyoil and European rapeseed were higher to start the week, while Malaysian palm oil was lower. Crude oil was making small gains.

Statistics Canada reported today that as of July 31, Canadian canola stocks totaled 3.1 million tonnes, in line with trade expectations and up 67 per cent from one year earlier. Total domestic disappearance reached a record 11.5 million tonnes, but exports were down 16 per cent at 6.7 million.

China announced today it has also started an anti-dumping investigation into Canadian canola imports from Jan. 1 to Dec. 31, 2023.

The Canadian dollar was down one-tenth of a United States cent compared to Friday’s close.

Roughly 11,800 contracts were traded. Prices in Canadian dollars per metric ton as of 8:37 CDT:

Nov.  578.30  up  9.10

Jan.  590.80  up  9.90

Mar.  602.10  up  9.90

May   610.60  up 10.10