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ICE Canola Futures Gain Strength

09/22/2021 | 10:07am EDT

WINNIPEG, Manitoba--Intercontinental Exchange ICE canola futures were higher on Wednesday morning, taking their cue from increases in Chicago soyoil, and other edible oils.

Uncertainty over this year's Prairie crop continued to remain a concern for the trade. Statistics Canada projected the 2021/22 harvest to reap about 12.8 million metric tons, but there is the likelihood of the crop coming in lower, which would intensify an already tight supply situation.

Manitoba reported late Tuesday afternoon that its harvest of major crops reached 78% finished, with spring cereals virtually complete. The combining of canola was 84% done.

Temperatures across the Prairies remain conducive for harvesting, with daytime highs to be in the mid 20 degrees Celsius expected for northern Alberta. That region is forecast to receive rain with highs in the mid-teens.

The Canadian dollar was relatively steady in the morning with the loonie at 78.07 U.S. cents, compared with Tuesday's close of 78.12.

About 2,800 canola contracts had traded as of 9:35 EDT.

Prices in Canadian dollars per metric ton at 9:35 EDT:

 
                 Price   Change 
Canola     Nov   870.50  up 9.90 
           Jan   864.60  up 9.70 
           Mar   855.00  up 9.80 
           May   836.90  up 7.20 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

09-22-21 1006ET

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