By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued its rally on Monday morning with double-digit gains coming out of the overnight session.
Support for the Canadian oilseed came from gains in the Chicago soy complex, along with more modest upticks in European rapeseed and Malaysian palm oil. Increases in global crude oil prices lent support to the vegetable oils.
Agriculture and Agri-Food Canada issued its monthly supply and demand report on Friday afternoon, with canola production held at 18.80 million tonnes. However, the forecast for all wheat was lowered from 35.33 million tonnes in July to 33.21 million. Statistics Canada is scheduled to release its first production report of 2023 on Aug. 29.
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The earliest parts of the canola harvest were underway across the region.
The Prairies are forecast to receive light showers on Monday, with the remnants of Hurricane Hilary to bring more rain to southern Saskatchewan and Manitoba in the coming days.
The Canadian dollar was higher on Monday morning, with the loonie at 74.00 U.S. cents compared to Friday’s close of 73.79.
About 8,250 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change Canola Nov 812.00 up 11.50 Jan 817.50 up 11.30 Mar 817.70 up 10.40 May 816.00 up 11.30
