By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 29 (MarketsFarm) – Intercontinental Exchange canola futures were slightly lower on Wednesday morning, getting pressure from declines in other vegetable oils.
Despite modest increases in global crude oil prices, Chicago soyoil and Malaysian palm oil were to the downside, while European rapeseed was narrowly mixed. An about-face in Chicago soybeans and soymeal also weighed on canola values.
Statistics Canada is scheduled to publish its survey-based production report on Monday. Given the better-than-expected yields on the Prairies this harvest, the trade has projected canola production to well exceed 18.0 million tonnes. StatCan’s summertime model-based surveys placed the oilseed’s output at less than 17.4 million tonnes.
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Canola crush margins continued to track upwards with the nearby January position a little more than C$216 per tonne above the futures.
The Canadian dollar eased back a little on Wednesday morning as the loonie dipped to 73.59 U.S. cents compared to Tuesday’s close of 73.63.
About 11,500 contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change Canola Jan 706.60 dn 1.00 Mar 710.20 dn 1.30 May 714.60 dn 2.40 Jul 717.70 dn 3.50
