ICE Canada Morning Comment: Chicago soy pushes canola into the green

By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 17 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Monday morning, getting support from the soy complex at the Chicago Board of Trade.
October soyoil alone was up by about three-tenths of a cent this morning. There was also support coming from European rapeseed, but Malaysian palm oil was lower.
Alberta and Saskatchewan are forecast to receive hot, dry weather over the next few days, with temperatures pushing upwards to the low 30’s Celsius. Manitoba is expected to be somewhat cooler. The good weather should spur on swathing and combining across the region.
The Canadian Grain Commission said producer deliveries of canola, in the first weekly report for the 2020/21 marketing year, amounted to 331,600 tonnes. Canola exports were 296,100 tonnes and domestic usage came to 232,300 tonnes.
The Canadian dollar was slightly higher this morning, at 75.60 U.S. cents, compared to Friday’s close of 75.47.
About 5,200 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Nov 486.60 up 1.80
Jan 492.80 up 1.50
Mar 495.70 unchanged
May 501.00 up 1.60

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