By Glen Hallick, MarketsFarm
WINNIPEG, April 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Monday morning, with the only gain coming in the nearby May contract.
The Chicago soy complex was also mixed with soyoil down by a tenth of a cent. However, support came from modest upticks in European rapeseed, while the Malaysian palm oil market was closed for a holiday.
Agriculture and Agri-Food Canada issued its monthly supply and demand report on April 21, which held canola estimates for 2023/24 at 18.50 million tonnes in production, along with exports at 8.80 million and domestic use at 9.75 million. Ending stocks were increased from 850,000 tonnes to 1.05 million.
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Due to the strike by federal workers, the grain statistics weekly from the Canadian Grain Commission had yet to be posted as of Monday morning.
Statistics Canada indicated that despite the strike it will release its prospective plantings report as scheduled on April 26.
The Canadian dollar was virtually unchanged on Monday morning with the loonie at 73.88 U.S. cents compared to Friday’s close of 73.86.
First notice day for May futures is set to April 28.
About 6,250 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola May 767.90 up 3.30
Jul 728.50 dn 1.40
Nov 697.60 dn 2.90
Jan 703.40 dn 1.60
