By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures are lower on Monday morning, following the release of the latest Statistics Canada report.
The federal agency forecast canola production at 19.5 million tonnes, for a 41.7 per cent jump compared to last year’s drought-stricken crop. Total wheat production is to soar 55.1 per cent at 34.6 million tonnes.
However, the data for the StatCan report was collected before the August heat struck. Several market participants believe the figures with be reduced in the agency’s next production report on Sept. 14.
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Additional pressure on canola was coming from declines in Chicago soybeans and soyoil. Chicago soymeal was on the rise, while European rapeseed was mixed, and the off session of Malaysian palm oil was mostly higher. Increases in global crude oil prices were lending support to vegetable oils.
The Canadian dollar was lower on Monday morning, with the loonie at 76.76 U.S. cents, compared to Friday’s close of 76.99.
About 6,400 contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Nov 843.80 dn 12.00
Jan 850.40 dn 12.90
Mar 854.70 dn 13.90
May 855.80 dn 13.40
