By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – Intercontinental Exchange canola futures were attempting to turnaround at midday Wednesday, trying pull out of its downturn.
Support for the Canadian oilseed came from good upticks in Chicago soyoil, as well as in Malaysian palm oil and European rapeseed. Declines in Chicago soybeans and soymeal attempted to stymie the upswing in vegetable oils. Global crude oil prices were mixed and provided little direction to the vegetable oils.
An analyst cited the better-than-expected canola yields on the Prairies as a driver in pulling prices down, along with soybeans having trouble remaining above US$13 per bushel on the Chicago Board of Trade.
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He noted today’s interest rate freeze by the Bank of Canada doesn’t affect canola directly, but it has weakened the Canadian dollar which is supportive. The loonie was at 72.58 U.S cents at mid-Wednesday morning compared to Tuesday’s close of 72.83.
Statistics Canada issued its September reports for the crush and grain deliveries. This past month 922,108 tonnes of canola were processed compared to 793,876 a year ago. September canola deliveries were 2.09 million tonnes versus 1.91 million in September 2022.
Approximately 26,250 canola contracts were traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change Canola Nov 675.00 dn 0.50 Jan 692.30 up 2.50 Mar 700.80 up 2.10 May 705.80 up 1.60
