By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 26 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were higher at midday Monday, as the Canadian dollar tumbled.
The United States dollar continued its surge upward as a global recession loomed. That forced the Canadian dollar further downward to 72.96 U.S. cents, compared to Friday’s close of 73.69.
Slightly higher global crude oil prices offered a little bit of support to vegetable oils, but European rapeseed and Malaysian palm oil were down sharply. There were more modest declines in the Chicago soy complex.
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An analyst noted that canola on Friday and Monday came out of the overnight session with losses but turned around during the day. He added there’s likely another three weeks of volatility in the market, but any harvest pressure has largely dissipated being more than halfway finished.
Agriculture and Agri-Food Canada (AAFC) released its monthly supply and demand estimates late Friday afternoon, showing canola production for 2022/23 at 19.1 million tonnes, in line with Statistics Canada (StatCan) estimates. Canola ending stocks for the current marketing year were pegged at 500,000 tonnes.
StatCan issued its monthly crush report, which put the August canola crush at nearly 633,000 tonnes, about 4.4 per cent less than the previous August.
Approximately 20,850 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Nov 826.30 up 7.60
Mar 841.30 up 6.10
May 843.30 up 5.50
