ICE Midday: Canola lower after StatCan report release

Glacier FarmMedia MarketsFarm – The ICE Futures canola market took a small step back on Wednesday morning following the release of new data from Statistics Canada (StatCan).

StatCan estimated in its latest principal field crop report released this morning that canola production for 2024-25 at 19.502 million tonnes, 310,000 more than the 2023-24 figure.

One analyst said that despite the data being collected in late July and ongoing questions over StatCan’s accuracy, the figures in today’s report were “headed in the right direction”. He also noted that one million tonnes of canola and 1.5 million tonnes of wheat in total were added for the past two crop years. However, he doesn’t know what effect the report will have on wheat prices.

Chicago soyoil was up, but European rapeseed and Malaysian palm oil were down. Crude oil was also slightly lower.

The Canadian dollar was up less than one-tenth of a United States cent compared to Tuesday’s close.

About 17,200 contracts have traded at 10:10 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 593.30     dn  5.70

Jan 603.60     dn  5.70

Mar 610.60     dn  6.50

May 619.00     dn  2.50