ICE Canada Morning Comment: Canola Moving Off Lows

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange pushed higher on Monday morning, stepping away from the four-year lows hit on Friday.

Statistics Canada issued its updated model-based principal field crops report this morning, with canola production for 2024/25 lowered to 18.98 million tonnes from its August projection of 19.50 million. StatCan is scheduled to release its survey-based production report on Dec. 5.

Support from comparable oils varied with increases in crude oil, but Chicago soyoil and Malaysian palm oil were to the downside while European rapeseed was mixed. Upticks in Chicago soybeans and soymeal lent a little bit of support to canola.

Alberta published its crop report on Friday, stating yields were coming in below expectations. The province said the overall harvest reached 54 percent complete with its canola at 21 percent done.

The Canadian dollar was virtually unchanged on Monday morning with the loonie at 73.62 U.S. cents.

Approximately 10,100 contracts had traded by 9:41 EDT and prices in Canadian dollars per metric tonne were:

 
 Canola 
        Price   Change 
  Nov   549.90  up 8.10 
  Jan   564.50  up 8.60 
  Mar   577.10  up 7.80 
  May   586.80  up 7.10 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 16, 2024 10:05 ET (14:05 GMT)

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