ICE Canada Morning Comment: Canola pushing upward

Spillover support from other edible oils

By Glen Hallick, MarketsFarm

WINNIPEG, Sept. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, gleaning support from gains in Chicago soyoil, European rapeseed and Malaysian palm oil.

Also, uncertainty over this year’s Prairie crop continued to underpin canola values.

Daytime temperatures are forecast to be in the mid to high teens Celsius in the western Prairies and the low 20’s in the eastern half. Rain is expected to fall on parts of the northern Prairies as the rest of the region remains dry, helping to speed the harvest along.

That said Saskatchewan is scheduled to release its weekly crop report later today. Last week the province’s overall harvest was 74 per cent finished, with canola at 54 per cent complete.

The Canadian dollar was stronger this morning with the loonie at 78.94 U.S. cents, compared to Wednesday’s close of 78.39.

About 4,450 canola contracts had traded as of 8:37 CDT.

Prices in Canadian dollars per metric tonne at 8:37 CDT:

Price Change
Canola Nov 873.60 up 6.20
Jan 867.60 up 7.30
Mar 858.70 up 7.10
May 844.40 up 7.90

Futures Prices as of September 23, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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