WINNIPEG, Manitoba-- Intercontinental Exchange (ICE) canola futures were higher at midday on Tuesday following the release production estimates from Statistics Canada.
The model-based principal field crop report pegged canola production for 2023/24 at 17.56 million tons, down from last year's nearly 18.7 million. The average trade guess going into the report was 17 million tons.
One analyst commented that the StatCan report was "bullish overall" and warned that markets won't focus on it for very long.
Additional support for canola was coming from small gains in Chicago soyoil and Malaysian palm oil. However, losses in Chicago soybeans and soymeal, as well as European rapeseed, weighed on canola values. Slight upticks in global crude oil prices lent support to the vegetable oils.
Temperatures across the Prairies will range from the low 30 degrees Celsius in Alberta to the mid to upper 20 degrees in the rest of the of the region.
The Canadian dollar was virtually unchanged with the loonie at 73.58 U.S. cents.
Approximately 18,100 canola contracts were traded as of 11:17 EDT.
Prices in Canadian dollars per metric ton at 11:17 EDT:
CanolaPrice Change
Nov 814.80 up 5.70
Jan 820.90 up 5.10
Mar 824.00 up 5.20
May 823.90 up 6.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-29-23 1203ET
