By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly lower on Wednesday morning, despite the changes in the latest production report from Statistics Canada (StatCan).
Canola production for 2022/23 was cut by 400,000 tonnes from StatCan’s Aug. 29 report, bringing its estimate to 19.1 million. Meanwhile, the federal agency bumped up its call for all wheat by 0.4 per cent at 34.7 million tonnes.
There’s spillover from increases in the Chicago soy complex, but there were losses in European rapeseed and Malaysian palm oil. Global crude oil prices were on the rise, which lent support to vegetable oils.
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Manitoba issued its weekly crop report late yesterday afternoon, showing the harvest reached 32 per cent complete overall. The combining of canola was at 11 per cent finished province wide, with the Central region the furthest along at 18 per cent done.
The Canadian dollar was lower on Wednesday morning, as the loonie dropped to 75.89 U.S. cents, compared to Tuesday’s close of 76.28.
About 7,100 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Nov 800.20 dn 1.20
Jan 808.20 dn 1.20
Mar 814.90 dn 1.80
May 815.70 dn 2.20
