By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower Monday morning, with the old crop contracts falling close to their support level of C$800 per tonne.
The Chicago soy complex and European rapeseed were to the downside, while Malaysian palm oil incurred modest gains. There were small upticks in global crude oil prices that helped to offset further declines in veg oils.
Agriculture and Agri-Food Canada issued its monthly supply and demand estimates on Friday, which included the department’s first projections for 2023/24. That included forecasting a slight increase in canola production at 18.5 million tonnes. As well, exports nudged up to 8.8 million tonnes while ending stocks dip to 800,000.
The Canadian dollar was higher on Monday morning, with the loonie bumping up to 74.65 U.S. cents compared to Friday’s close of 74.51.
About 7,450 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Mar 807.30 dn 5.50 May 806.30 dn 6.30 Jul 808.80 dn 6.20 Nov 791.30 dn 5.60
