By Glen Hallick, MarketsFarm
Intercontinental Exchange canola futures continued to be on the rise Tuesday morning, gleaning support from gains in the Chicago soy complex.
Upticks in global crude oil prices spilled over into vegetable oils, which saw increases in European rapeseed. However, Malaysian palm oil dipped slightly.
Statistics Canada is set to publish its survey-based production report on Monday. In September, StatCan pegged canola output for 2023/24 at 17.37 million tonnes in its model-based report. One analyst said it’s very likely the production figures are to increase given the better than expected yields across the Prairies this harvest.
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In the meantime, StatCan reported that farm cash receipts for the first nine months of 2023 came to C$72.5 billion, up 7.9 per cent from a year ago. The federal agency also said total crop receipts for that period rose 12.1 per cent at C$41.4 billion.
Canola crush margins took back a little bit of ground with the nearby January position rising to about C$207 per tonne above the futures.
The Canadian dollar was stronger on Tuesday morning with the loonie at 73.64 U.S. cents compared to Monday’s close of 73.34.
About 12,100 contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change Canola Jan 708.70 up 6.40 Mar 711.40 up 6.50 May 715.10 up 6.70 Jul 717.40 up 5.90
