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ICE Canada Morning Comment : Canola Continues With Gains

10/08/2021 | 08:03am EST

Intercontinental Exchange (ICE) canola futures continued higher on Friday morning, gleaning support from the Chicago soy complex, Malaysian palm oil and European rapeseed.

In turn these edible oils were getting a boost from gains in global crude oil prices.

Tight supplies and uncertainty regarding this year's production also underpinned canola values.

Saskatchewan reported yesterday that its harvest of major crops was virtually complete and that two per cent of the province's canola remained to be combined. Yields for the oilseed were said to be 21 bushels per acre. Alberta is scheduled to issue its weekly crop report this afternoon.

There was a notable uptick in canola exports, according to the latest data from the Canadian Grain Commission. For week ended Oct. 3 about 250,400 tonnes of canola was shipped overseas for a 231% increase from the previous week. At 200,300 tonnes domestic usage was down 9.6% from a week ago.

The Canadian dollar was stronger this morning, with the loonie at 80.01 U.S. cents, compared to Thursday's close of 79.63.

About 3,600 canola contracts had traded as of 9:38 ET.

Prices in Canadian dollars per metric tonne at 9:38 ET:

Price Change

Canola

Nov 933.80 up 6.50 
Jan 922.30 up 6.70 
Mar 907.40 up 6.30 
May 884.60 up 5.10 
 

(END) Dow Jones Newswires

10-08-21 1003ET

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