By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts hit new contract highs on Tuesday morning, getting spillover support from the Chicago soy complex.
Earlier in the session the March contract peaked at C$703.60 per tonne.
There was additional support from gains in European rapeseed and Malaysian palm oil.
Agriculture and Agri-Food Canada issued its monthly supply and demand estimates yesterday. The report placed 2020/21 canola ending stocks at 1.2 million tonnes, plummeting 161 per cent from the previous year. Ending stocks for 2021/22 were projected to be one million tonnes, despite forecasts of increased production and reduced exports.
Statistics Canada released its monthly crush report this morning, with 904,577 tonnes of canola processed. That made for 397,850 tonnes of oil and 517,016 tonnes of meal.
The Canadian dollar was higher at 78.75 U.S. cents, compared to Monday’s close of 78.51.
About 17,500 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric tonne at 8:48 CST:
Price Change
Canola Mar 700.90 up 25.20
May 669.00 up 15.00
Jul 648.80 up 11.90
Nov 557.10 up 5.90
