ICE Canada Morning Comment: Canola Pushing Upward

Intercontinental Exchange (ICE) canola futures were higher Thursday morning, gleaning support from gains in Chicago soyoil, European rapeseed and Malaysian palm oil.

Also, uncertainty over this year's Prairie crop continued to underpin canola values.

Daytime temperatures are forecast to be in the mid to high teens Celsius in the western Prairies and the low 20's in the eastern half. Rain is expected to fall on parts of the northern Prairies as the rest of the region remains dry, helping to speed the harvest along.

That said Saskatchewan is scheduled to release its weekly crop report later today. Last week the province's overall harvest was 74% finished, with canola at 54% complete.

The Canadian dollar was stronger this morning with the loonie at 78.94 U.S. cents, compared to Wednesday's close of 78.39.

About 4,450 canola contracts had traded as of 9:37 ET.

Prices in Canadian dollars per metric tonne at 9:37 ET:

Price Change

Canola

Nov 873.60 up 6.20
Jan 867.60 up 7.30
Mar 858.70 up 7.10
May 844.40 up 7.90


  (END) Dow Jones Newswires
  09-23-21 1002ET
  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.