ICE Canada Morning Comment: Canola still in retreat

By Glen Hallick, MarketsFarm

WINNIPEG, Sept. 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, with the most heavily traded contracts below the psychological level of C$800 per tonne.

Losses in Chicago soyoil, European rapeseed and Malaysian contributed to that trend. While Chicago soybeans were a pinch higher along with gains in soymeal. Increases in global crude oil prices lent some support to vegetable oils.

Temperatures on the Prairies are cooler today with light showers in parts of Alberta and Manitoba.

Read Also

ICE canola mostly weaker in choppy midday trade

Glacier FarmMedia — The ICE Futures canola market was mostly lower at midday Monday in choppy activity. Losses in Chicago…

Saskatchewan is scheduled to release its weekly crop report later today. A stretch of good weather should result in a significant increase in harvest progress from last week’s 23 per cent complete.

There will be some positioning in the canola market ahead of the next supply and demand report from the United States Department of Agriculture on Sept. 12, as well as the revised production report from Statistics Canada on Sept. 14.

The Canadian dollar was slightly higher on Thursday morning, as the loonie bumped up to 76.07 U.S. cents, compared to Wednesday’s close of 75.96.

About 9,300 contracts had traded as of 8:36 CDT.

Prices in Canadian dollars per metric tonne at 8:36 CDT:

Price Change
Canola Nov 780.00 dn 6.50
Jan 786.20 dn 7.00
Mar 791.00 dn 7.30
May 790.60 dn 8.00