ICE Midday: Canola Rising After StatCan Report

WINNIPEG, Manitoba--The ICE Futures canola market bounced higher in the middle of trading Monday, correcting off Friday's contract lows, after the release of satellite imagery-based data from Statistics Canada.

StatCan downwardly revised its 2024-25 canola production estimate by 520,000 tonnes at 18.98 million, down 1.1% on the year but still above the five-year average of 18.34 million tonnes.

Chicago soyoil and European rapeseed were up while Malaysian palm oil was down. Meanwhile, crude oil nearly gained US$1 per barrel.

Chart-based positioning on ideas Friday's losses were overdone contributed to the gains, as canola was said to be looking cheap compared to other oilseeds.

One analyst expected StatCan's new production figure for canola was lifting prices, but he also raised the possibility of increased buying from China.

The Canadian dollar was down less than one-tenth of a U.S. cent compared with Friday's close.

About 37,600 contracts have traded at 11:26 a.m. ET. Prices in Canadian dollars per metric tonne:

Canola 
    Price  Change 
Nov 564.90 up 23.10 
Jan 578.80 up 22.90 
Mar 591.30 up 22.00 
May 600.50 up 20.80 

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

(END) Dow Jones Newswires

September 16, 2024 12:03 ET (16:03 GMT)

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