By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 13 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning, due to pressure from comparable oils.
Chicago soyoil and soybeans were down, while soymeal was up. There were also declines in European rapeseed and Malaysian palm oil. Global crude oil prices were taking a small step back, which put pressure on vegetable oils.
World rapeseed/canola production was projected by the United States Department of Agriculture (USDA) to hit a record 85.1 million tonnes for 2022/23. The USDA forecast ending stocks to climb from 4.3 million tonnes in 2021/22 to 6.2 million.
Canola crush margins in Canada remained very wide, underpinning prices.
Above normal temperatures across the Prairies for much of this week will make it more palatable for farmers to deliver canola and other grains.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 74.83 U.S. cents compared to Friday’s close of 74.84.
About 5,300 contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change Canola Mar 828.30 dn 3.90 May 820.10 dn 4.50 Jul 816.90 dn 4.40 Nov 796.10 dn 4.90
