By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were lower on Wednesday morning, following small declines in the Chicago soy complex.
Gains in European rapeseed and Malaysian palm oil helped to offset the losses in canola. Modest upticks in crude oil lent some support to the vegetable oils.
Statistics Canada is set to release its satellite/model-based crop production report on Thursday. Last week, Agriculture and Agri-Food Canada projected 2025/26 canola output at 20.10 million tonnes and StatCan’s five-year average is 18.25 million tonnes.
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While the November canola contract stood slightly above its 200-day moving average, it’s behind its other moving averages.
Canola crush margins saw the November positions drop about C$10 at around C$191.60 to C$199.10 per tonne above the futures.
Manitoba reported its overall provincewide harvest was 10 per cent complete as of Aug. 26, with canola at one per cent done.
Saskatchewan Premier Scott Moe is set to lead a trade mission to Asia, including China, from Sept. 6 to 12.
The Canadian dollar eased back on Wednesday morning, with the loonie at 72.21 U.S. cents compared to Tuesday’s close of 72.27.
Approximately 7,300 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 650.40 dn 4.40 Jan 662.20 dn 4.70 Mar 672.10 dn 4.30 May 680.60 dn 4.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
