By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, rising with gains in the Chicago soy complex as well as in European rapeseed and Malaysian palm oil.
Additional support for canola was coming from tight supplies and drought conditions on the Prairies. However, a system is forecast to bring rain and snow to the region with the greatest amounts to fall over Manitoba.
The United States Department of Agriculture kept its estimate for 2021/22 canola production in Canada at 13 million tonnes in yesterday’s supply and demand report. At 5.7 million tonnes, the USDA cut canola exports by 9.5 per cent from the October report, while domestic usage was raised 9.2 per cent at 8.7 million tonnes. Ending stocks were reduced by 14.3 per cent at 600,000 tonnes.
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Statistics Canada is scheduled to issue its next production report on Dec. 3.
The Canadian dollar was rebounding with the loonie at 80.59 U.S. cents compared to Tuesday’s close of 80.33.
The markets in Canada and the U.S. will be closed tomorrow for Remembrance Day.
About 5,550 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola Jan 998.40 up 9.00
Mar 969.40 up 4.80
May 938.60 up 4.50
Jul 899.60 up 3.30
