WINNIPEG, Manitoba--Intercontinental Exchange canola futures were slightly higher at midday Thursday, in choppy trading that wasn't getting a lot of direction from other markets. A trader commented that canola crashed by C $7 to C $9 per ton at Wednesday's close, but still finished a little stronger. "The markets are waiting for a' new fuel,' something they can focus on," he said, suggesting that could be Brazil.
WINNIPEG, Manitoba--The ICE Futures canola market was stronger Thursday morning after trading to both sides of unchanged in overnight activity. Canada's drought-stricken crop remained supportive, with many in the industry anticipating actual production will end up below the already small 12.8 million metric tons forecast by Statistics Canada earlier in the week. Gains in Chicago Board of Trade soybeans provided some spillover support for canola as well, although soyoil...
WINNIPEG, Manitoba--At least for the foreseeable future, canola on the Intercontinental Exchange is likely to remain range bound, according to analyst David Derwin of PI Financial in Winnipeg. Derwin said the November canola contract has support at C $850 per ton and when it bumps up to around C $900 it's quickly pulled back. "Sideways is not very exciting, but that's what we are going to see," he said.
WINNIPEG, Manitoba--Intercontinental Exchange canola futures were up on Wednesday, with spillover support from Chicago soybeans and soyoil, as well as other edible oils. However, canola prices backed away from earlier highs due to farmer hedging. A trader said the updated canola forecast put forth by Statistics Canada on Monday should have been one million tonnes less than the 12.8 million the federal agency reported.
Intercontinental Exchange canola futures were stronger at midday Wednesday, getting support from other edible oils, which have been on the upswing due to technical buying, according to a trader. However, canola backed off from earlier highs after the U.S. Department of Agriculture announced the cancellation of two private sales of soybeans totaling 328,000 tonnes, he said.
The ICE Futures canola market was stronger Wednesday morning, although off its overnight highs. Traders were still digesting Tuesday's production estimates from Statistics Canada. The government agency pegged the canola crop at only 12.8 million tonnes, which would be the smallest since 2010..
IBADAN, Nigeria--Annual inflation in Nigeria fell to 17.01% in August from 17.38% in July, the National Bureau of Statistics said in a report on Wednesday. The NBS report said food price inflation stood at 20.30% in August compared with 21.03% in the previous month. The rise in the food index was caused by increases in the prices of bread, cereals, milk, cheese, eggs, oils and fats, potatoes, yam and other tubers, meat, coffee, tea and cocoa, it said.
WINNIPEG--Intercontinental Exchange canola futures were stronger Tuesday, but backed well away from earlier highs. At one point the November contract reached C $900.00 per metric ton. Support came from the Statistics Canada production update, which lowered 2021/ 22 canola production from 14.7 million metric tons last month to 12.8 million metric tons.
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