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ICE Canada Morning Comment : Canola Either Side of Steady

10/07/2021 | 10:06am EST

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were narrowly mixed Thursday morning in choppy trading.

Support came from gains in the Chicago soy complex and European rapeseed. Also, tight supplies and production uncertainty continued to underpin values.

On the other side of the coin, lower Malaysian palm oil and small declines in global crude oil prices were putting some pressure on edible oils.

Temperatures across the Prairies have begun to cool, with daytime highs today in Alberta and Saskatchewan in the mid to high teens Celsius. However, the mercury in Manitoba will push into the mid 20's C before pulling back. Rain is expected in the eastern half of the Prairies over the weekend.

Saskatchewan Agriculture will release its weekly crop report later today. Last week, the department reported the harvest was 95 percent complete, with 92 percent of the canola in the bin.

The Canadian dollar was higher this morning, with the loonie at 79.40 U.S. cents, compared to Wednesday's close of 79.28.

About 2,800 canola contracts had traded as of 9:36 EDT.

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

 
             Price     Change 

Canola

   Nov       923.30    up 0.50 
   Jan       910.20    up 0.50 
   Mar       894.60    dn 1.30 
   May       871.70    dn 2.60 
 

Source: Commodity News Service Canada

Write to Glen Hallick at news@marketsfarm.com

(END) Dow Jones Newswires

10-07-21 1005ET

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