By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 5 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Wednesday morning, following strong gains in Chicago soyoil, European rapeseed and Malaysian palm oil.
Statistics Canada released its latest grain and oilseed stocks report this morning. As of Dec. 31, canola stocks stood at 14.27 million tonnes, which was almost 2.4 per cent less than in December 2018. On farm stocks were down 5.85 per cent at 12.37 million tonnes and commercial stocks were at 1.90 million tonnes for 28.57 per cent increase.
However, the federal agency’s report is being treated with a measure of skepticism because of the large amount canola unharvested from the fall.
The Canadian dollar was slightly weaker this morning at 75.22 U.S. cents after closing Tuesday at 75.31.
About 12,000 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola Mar 460.20 up 5.30
May 468.90 up 5.00
Jul 476.20 up 5.50
Nov 484.00 up 4.70