WINNIPEG, Aug. 25 (MarketsFarm) – Canola futures on the Intercontinental Exchange were pushing higher on Friday morning, getting spillover from sharp upticks in Chicago soyoil.
Additional support came from gains in Chicago soybeans and soymeal, as well as Malaysian palm oil and European rapeseed. Increases in global crude oil prices underpinned the vegetable oils.
Other than rain for parts of southern Manitoba, the majority of the Prairies are to be dry on Friday with mild temperatures.
Saskatchewan reported on Thursday that its overall provincewide harvest reached 21 per cent complete, with canola at four per cent finished. Alberta is scheduled to publish its crop report later today.
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Statistics Canada is set to release its model-based production estimates on Tuesday at 7:30 am CDT. Ahead of the report, the average trade guess pegged canola production for 2023/24 at 17.4 million tonnes, lower than Agriculture and Agri-Food Canada’s forecast of 18.8 million.
The Canadian Grain Commission reported producer deliveries of canola for the week ended Aug. 20 amounted to 167,000 tonnes, higher than what came in during the previous week. Canola exports dipped slightly to 76,200 tonnes and domestic usage eased back to 171,900 tonnes. However, the totals after three weeks into the 2023/24 crop year remained ahead of those a year ago.
The Canadian dollar continued to grind lower on Friday morning, with the loonie dipping further to 73.58 U.S. cents compared to Thursday’s close of 73.72.
About 5,600 contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric tonne at 8:46 CDT:
Price Change Canola Nov 814.30 up 4.30 Jan 821.30 up 4.40 Mar 824.60 up 5.10 May 824.20 up 5.80
