WINNIPEG – The ICE Futures canola market was in recovery mode on Wednesday, moving higher after Tuesday’s losses despite mixed sentiment in comparable oils.
Chicago soyoil moved upwards, but prices for European rapeseed and Malaysian palm oil were both in the red and in the black. Crude oil was lower due to economic concerns in China and the European Union.
One analyst said that the C$800 per tonne mark remains a key psychological level. But while canola crop conditions vary across the Prairies, yields overall are decent.
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“A lot of people are telling me the crops are looking good; they’re average and better than expected. Of course, some are really, really poor too,” the analyst said. “But overall, the feedback is that prices are holding up at these levels and they’re a reflection that the crops are good. They’re not great and they’re not terrible.”
The average trade guess placed Canadian canola production for 2023-24 at 17.4 million tonnes, 730,000 less than the previous year, prior to the release of Statistics Canada’s (StatCan) supply/demand estimates on Tuesday.
The Canadian dollar was steady compared to Tuesday’s close. StatCan reported on Wednesday that retail sales in the country increased by 0.4 per cent in July.
Rain is expected for parts of Alberta, as well as southern parts of Saskatchewan and Manitoba later today.
Nearly 16,400 canola contracts were traded as of 10:22 CDT.
Price Change
Nov 799.50 up 3.50
Jan 806.70 up 4.20
Mar 808.60 up 3.70
May 806.40 up 3.00
