WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher Tuesday morning, supported by gains in the Chicago soy complex, European rapeseed, and Malaysian palm oil. Meanwhile, pressure came from declines in global crude oil prices.
Agriculture and Agri-Food Canada issued its first supply and demand report for the calendar year late Monday afternoon. The preliminary estimates for the 2024/25 canola crop included production at 18.37 million tonnes, slightly more than the 2023/24 harvest. Also, AAFC pegged canola exports for 2024/25 to hold at 7.70 million tonnes, domestic usage nudged up to 10.82 million tonnes, and ending stocks dipped to 1.40 million tonnes.
The Canadian dollar eased back Tuesday morning with the loonie at 74.21 U.S. cents compared with Monday's close of 74.33.
About 11,300 contracts had traded by 9:36 a.m. ET and prices in Canadian dollars per metric tonne were:
Canola
Price Change
Mar 639.30 up 3.00
May 643.40 dn 2.20
Jul 647.10 up 2.00
Nov 643.60 up 1.90 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-23-24 1007ET
