By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, taking some direction from the Chicago Board of Trade soy complex.
European rapeseed futures were also higher on the day, although Malaysian palm oil moved lower overnight.
Weakness in the Canadian dollar provided additional support for canola, as the currency dipped below 79 United States cents. The softer currency boosts crush margins and makes exports more attractive for international buyers.
Updated supply/demand estimates from Agriculture and Agri-Food Canada left the 2021/22 canola ending stocks forecast unchanged at 500,000 tonnes. That would mark the tightest carryout since July 1998.
U.S. markets will be closed this upcoming Thursday for Thanksgiving, while canola will trade its usual hours. Positioning ahead of the U.S. holiday could provide some direction over the next few days.
About 13,500 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
