By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were beginning to move lower on Monday morning in choppy trading.
Losses in Chicago soybeans and soymeal put pressure on canola, while support came from gains in soyoil. European rapeseed was easing back while Malaysian palm oil was narrowly mixed. There was little change in global crude oil prices which provided little direction to vegetable oils.
Agriculture and Agri-Food Canada issued its monthly supply and demand estimates later Friday afternoon. The department made no changes to its data for canola, leaving production at 19.1 million tonnes. Exports also remained at 9.3 million tonnes, domestic usage at 10.27 million and ending stocks at 500,000.
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However, there were slight tweaks to AAFC’s call on all wheat, with exports nudged up to 23.3 million tonnes and domestic usage at just over nine million tonnes. That saw ending stocks dip to 6.2 million tonnes.
The Canadian dollar was virtually unchanged on Monday morning as the loonie firm at 72.89, compared to Friday’s close of 72.92.
About 7,600 contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Nov 896.90 dn 2.00
Jan 877.60 dn 2.90
Mar 881.00 dn 3.30
May 883.00 dn 4.00
