By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 4 (MarketsFarm) – Intercontinental Exchange canola prices were higher at mid-morning Monday, despite Statistics Canada raising its production estimate for the oilseed.
StatCan placed canola output for 2023/24 at 18.33 million tonnes, up from its September projection of 17.37 million, due to better than expected yields. However, last year Canadian farmers harvested 18.69 million tonnes of canola.
“It’s almost exactly what everyone was expecting,” an analyst commented, noting the average trade guess for canola was 18.30 million tonnes.
Meanwhile, Australia issued its latest production estimates, with its canola crop at 5.5 million tonnes, down 33 per cent from the previous year.
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ICE canola also gleaned support from upticks in the Chicago soy complex and European rapeseed. Losses in Malaysian palm oil attempted to temper those increases. Global crude oil was down slightly in choppy trading, which put a little bit of pressure on the vegetable oils.
The Canadian dollar was lower at mid-Monday morning as the loonie slipping to 73.82 U.S cents compared to Friday’s close of 74.04.
Approximately 30,350 canola contracts were traded as of 10:20 CST.
Prices in Canadian dollars per metric tonne at 10:20 CST:
Price Change Canola Jan 684.50 up 4.00 Mar 691.00 up 2.80 May 698.20 up 2.10 Jul 704.00 up 1.30
