WINNIPEG, Manitoba--ICE canola futures were lower at mid-morning Tuesday, as increased production numbers for Canada and Australia weighed on values for a second day.
Statistics Canada raised its canola output number for 2023/24 from 17.4 million metric tons to now 18.3 million tons. Meanwhile, the Australian Bureau of Agriculture and Resource Economics and Sciences bumped up its canola production from 5.2 million tons to 5.5 million tons. However, both countries will have harvested less canola than last year.
Although global crude oil prices were up by a small amount, an analyst stated the spillover wasn't extending into the vegetable oils. Chicago soyoil and soybeans were lower, but soymeal was slightly higher. Malaysian palm oil was down as well, while European rapeseed was steady to lower.
The Canadian dollar was down at mid-Tuesday morning as the loonie slipped to 73.67 U.S cents compared to Monday's close of 73.85. About 27,950 canola contracts were traded as of 11:35 a.m. EST.
Prices in Canadian dollars per metric ton at 11:35 a.m. EST:
Price Change
Canola
Jan 665.60 dn 11.50
Mar 672.40 dn 11.60
May 679.80 dn 11.90
Jul 686.40 dn 11.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-05-23 1205ET
