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ICE Canada Morning Comment : Canola Stepping Away From Overnight Losses

11/23/2021 | 10:07am EST

Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning, but attempting to recover from overnight declines.

Pressure came from losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. This year's lackluster Prairie harvest, price rationing and tight supplies tempered larger losses in canola.

Above normal temperatures and little precipitation across the region were fueling concerns about dry conditions.

With the U.S. markets set to be closed Thursday for Thanksgiving, the trade is likely positioning ahead of the start of the holiday season. Canola futures will remain open that day.

Canadian Pacific Railway announced plans to reopen its line between Kamloops to Vancouver sometime this afternoon--nine days after a torrent of rain washed out ground transportation links in southern British Columbia. Work is to continue for the next 10 days as CP brings its rail lines to full capacity.

The Canadian dollar continued to fall back in the face of a stronger U.S. dollar, with the loonie at 78.63 U.S. cents compared to Monday's close of 78.86.

About 3,350 canola contracts had traded as of 9:40 ET.

Prices in Canadian dollars per metric tonne at 9:40 ET:

Price Change

Canola

Jan 1,018.60 dn 3.20 
Mar 993.80 dn 3.80 
May 959.90 dn 3.50 
Jul 920.00 dn 2.60 
 
 

(END) Dow Jones Newswires

11-23-21 1007ET

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