By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 18 (MarketsFarm) – Intercontinental Exchange canola futures were slightly lower on Monday morning.
Global crude oil prices were on the rise, and lending support to the vegetable oils. That generated increases in Malaysian palm oil and Chicago soyoil, while European rapeseed remained lower. Also, Chicago soybeans were inching upwards, but soymeal was easing back.
Agriculture and Agri-Food Canada issued its December supply and demand report on Friday. Based on Statistics Canada’s canola production estimate of 18.33 million tonnes from earlier this month, AAFC kept the oilseed’s exports at 7.70 million tonnes. Meanwhile, domestic usage was raised to 10.78 million tonnes and ending stocks to 1.45 million.
Strong crush margins continued to underpin canola values.
The Canadian dollar was virtually unchanged on Monday morning with the loonie at 74.77 U.S. cents.
Approximately 12,000 contracts had traded by 8:36 CST and prices in Canadian dollars per metric tonne were at:
Price Change Canola Jan 644.30 dn 1.10 Mar 658.80 dn 0.10 May 666.60 dn 1.20 Jul 672.50 dn 2.00
