ICE Canada Morning Comment: Canola veering away from overnight gains
By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed Tuesday morning, as trading resumed after the long weekend with the overnight session.
The Canadian oilseed was stepping back from overnight gains as the Chicago soy complex began to retreat from its increases.
There was support coming from slightly higher values for Malaysian palm oil and European rapeseed.
The markets will be positioning ahead of a trio of reports, two of which will be from Statistics Canada. On Sept. 8 the federal agency will release its grains stocks report with another production report on Sept. 14. The United States Department of Agriculture issues its monthly supply and demand estimates on Sept. 10.
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Daytime temperatures across the Prairies are forecast to be in the low to mid 20 degrees Celsius and with little opportunity for rain.
Alberta reported on Friday that its province-wide harvest of all crops reached 26 per cent complete. That put the province about 10 points behind Manitoba and Saskatchewan.
The Canadian dollar was weaker with the loonie at 79.47 U.S. cents compared to Friday’s close of 79.88.
About 4,200 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 888.00 up 1.80
Jan 879.00 up 0.10
Mar 847.90 dn 1.20
May 825.80 dn 3.80
