By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures lower on Thursday morning, as sharp declines in Chicago soyoil weighed on values.
Additional pressure came from losses in Chicago soybeans, but soymeal was higher. European rapeseed and most Malaysian palm oil contracts were also to the downside. Support from upticks in global crude oil prices spilled over into vegetable oils.
Statistics Canada (StatCan) is set to release its production report for 2022 and the trade is divided as to where the federal agency could peg canola. While the average trade guess has called for a small alteration from StatCan’s 19.1 million tonnes, trade estimates are 18.6 million to 19.7 million. Projections for all wheat came to 33.8 million to 35.5 million tonnes, compared to StatCan’s 34.7 million.
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The Canadian dollar was stronger on Thursday morning as the United States dollar fell back. The loonie climbed to 74.53 U.S. cents compared to Wednesday’s close of 74.03.
About 5,050 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Jan 837.80 dn 7.70 Mar 835.00 dn 8.80 May 837.10 dn 10.00 Jul 840.60 dn 10.10
