ICE Canada Morning Comment : Canola Lower Along With Other Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were pulling back on Monday morning, due to weakness in comparable oils.

The Chicago soy complex, European rapeseed and Malaysian palm oil were lower this morning, along with a sharp downturn in global crude oil prices.

Temperatures on the Prairies began turning colder over the weekend, with snow forecast to fall across the region during the week.

The Grain Services Union suspended its strike action on Friday afternoon, shortly after its member were scheduled to walk the picket lines. The GSU opted to have its Locals 1 and 2 vote on the latest offer from Viterra.

The Canadian Grain Commission reported on Friday that producer deliveries for Weeks 21 and 22 of the marketing year amounted to 344,900 metric tons and down from the previous week. Total canola exports dropped to 82,500 tons and domestic usage, while domestic usage improved to 283,200 tons.

The United States Department of Agriculture is set to publish its next supply and demand report on Jan. 12. Positioning ahead of the report will likely to be a feature this week, with spillover affecting canola.

The Canadian dollar was lower on Monday morning with the loonie at 74.68 U.S. cents, compared to Friday's close of 74.92.

Approximately 6,850 contracts had traded by 9:36 EST and prices in Canadian dollars per metric ton were:

Canola 
        Price   Change 
Mar     613.80  dn 5.10 
May     621.40  dn 5.40 
Jul     627.20  dn 5.90 
Nov     626.60  dn 6.10 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-08-24 1002ET