WINNIPEG – The ICE Futures canola market moved upwards on Tuesday immediately after Statistics Canada (StatCan) released its first model-based supply/demand estimates of the 2023-24 marketing year.
The central data agency projected canola production at 17.561 million tonnes, slightly higher than pre-report trade expectations and 1.13 million less than the 2022-23 total. The loss in production was mainly due to dry conditions on the Prairies.
Meanwhile, Chicago soyoil was up, Malaysian palm oil was mostly higher and European rapeseed was mostly lower. Crude oil was up slightly as traders examine demand outlooks for the United States and China.
The Canadian dollar was down one-sixth of a U.S. cent compared to Monday’s close.
Temperatures will exceed 30 degrees Celsius in Alberta and Saskatchewan later today while Manitoba will stay in the low-20s.
Nearly 10,850 contracts were traded. Prices in Canadian dollars per metric ton as of 8:41 CDT:
Nov. 818.90 up 9.80
Jan. 825.40 up 9.60
Mar. 827.90 up 9.10
May 826.20 up 8.80
