ICE Canada Morning Comment: Weak edible oils continue to drag down canola

Good weather provides harvest pressure

By Glen Hallick, MarketsFarm

WINNIPEG, Sept. 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Thursday morning, due to weakness in edible oils, particularly Chicago soyoil.

Good weather across the Prairies has spurred on the harvest, adding pressure to the market. Saskatchewan Agriculture is scheduled to release its weekly crop report this afternoon.

Support was coming from a lower Canadian dollar. The loonie was at 74.60 U.S. cents, compared to Wednesday’s close of 74.86.

About 8,700 canola contracts had traded as of 8:37 CDT.

Prices in Canadian dollars per metric tonne at 8:37 CDT:

Price Change
Canola Nov 513.50 dn 6.10
Jan 520.60 dn 6.40
Mar 527.40 dn 6.50
May 530.90 dn 6.90

Futures Prices as of September 24, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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