ICE Canada Morning Comment: Canola Continues to Fall Back

WINNIPEG--Intercontinental Exchange canola futures were lower Thursday morning, following declines in the Chicago soy complex and other edible oils.

At 1.77 million tonnes, canola ending stocks for 2020-21 are the lowest since 2017, according to Statistics Canada, but well above earlier expectations.

Daytime temperatures in Alberta are forecast to slip into the mid to high teens Celsius Thursday, with those in Saskatchewan and Manitoba likely to remain in the low to mid 20's. There are to be showers for the northern parts of the Prairies.

The markets will be positioning ahead of Friday's supply and demand report from the U.S. Department of Agriculture. The trade believes corn, soybean and total wheat acres will either increase or remain as is.

The Canadian dollar was unchanged Thursday morning with the loonie at 78.89 U.S. cents.

About 5,800 canola contracts had traded as of 9:40 a.m. ET.

Prices in Canadian dollars per metric tonne at 9:40 a.m. ET:

      Price  Change
Canola
  Nov 869.60 dn 11.90
  Jan 855.60 dn 10.50
  Mar 836.80 dn 11.90
  May 815.40 dn 13.70

Source: Commodity News Service Canada, news@marketsfarm.com


  (END) Dow Jones Newswires
  09-09-21 1009ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.