WINNIPEG – The ICE Futures canola market was weaker Friday morning, posting losses for the fourth-straight session as speculative selling and seasonal harvest pressure weighed on values.
Statistics Canada pegged canola stocks in the country as of July 31, 2023, at 1.506 million tonnes, which was at the higher end of trade expectations with an upward revision to the year-ago ending stocks also reported.
Losses in outside markets, including Chicago soyoil, European rapeseed, and Malaysian palm oil futures, added to the softer tone in canola.
Solid export demand provided some underlying support, with crop-year-to-date Canadian canola exports of 442,200 tonnes running well ahead of the year-ago level, according to the latest Canadian Grain Commission data.
About 8,600 canola contracts had traded as of 9:20 CDT.
Prices in Canadian dollars per metric ton at 9:20 CDT:
Canola Nov 773.90 dn 9.00
Jan 781.00 dn 10.00
Mar 785.00 dn 10.10
May 789.20 dn 6.70
