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ICE Canada Morning Comment : Canola Bouncing Back, Pushing Higher

06/18/2021 | 10:02am EDT

Intercontinental Exchange (ICE) canola futures were mostly higher on Friday morning, making the first significant gains this week. Only the old crop July contract saw declines.

The change of direction came after the most actively traded months closed at the daily limit of C$30 per tonne Thursday.

As of today, ICE upped the limit to C$45/tonne. At the Chicago Board of Trade, the higher limits from yesterday were carried over to today.

That said the Chicago soy complex was rising significantly with some gains testing the higher limits. There were also moderate increases in European rapeseed and Malaysian palm oil was up slightly.

Temperatures across the Prairies are forecast to cool off throughout the weekend, first returning to normal and then falling to below normal before pushing higher next week. Parts of the region could receive scattered showers today and Saturday.

The Canadian dollar was continuing its dramatic retreat this morning as its United States counterpart gained strength. The loonie was at 80.73 compared to Thursday's close of 81.03.

The Canadian Grain Commission reported producer deliveries of canola, for the week ended June 13, dropped 32% from the previous week at 252,200 tonnes. Also, canola exports tumbled 78% at 53,900 tonnes, while domestic usage dipped by almost 5.5% at 188,900 tonnes.

About 9,350 canola contracts had traded as of 9:36 ET.

Prices in Canadian dollars per metric tonne at 9:36 ET:

    Price Change 
Jul 772.90 dn 14.20 
Nov 678.40 up 12.00 
Jan 679.10 up 11.20 
Mar 677.00 up 11.70 

(END) Dow Jones Newswires

06-18-21 1001ET

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