By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 17 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, taking some direction from the Chicago Board of Trade soy complex.
Positioning ahead of the weekend added to the declines, as canola remains overpriced despite the tight supply situation.
Demand is already being rationed at current price levels, with total canola exports through the first six weeks of the 2021/22 crop year of 297,100 tonnes down 75 per cent from the same time the previous year, according to the latest Canadian Grain Commission data.
However, ideas that actual production will end up below the already small 12.8 million tonnes forecast by Statistics Canada remained supportive.
About 3,000 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Canola Nov 864.50 dn 11.00
Jan 857.80 dn 9.70
Mar 847.80 dn 6.60
May 830.40 dn 6.20