WINNIPEG, Sept. 27 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, taking back some of Friday’s gains.
Early losses in Chicago Board of Trade soyoil futures put some spillover pressure on canola. Seasonal harvest pressure was another bearish influence, although the poor yields and need to ration demand going forward remained supportive.
Agriculture and Agri-Food Canada released updated supply/demand estimates late Friday, pegging canola ending stocks for 2021/22 at only 500,000 tonnes. That would be down from an earlier estimate of 700,000 and well off the upwardly revised 1.77 million tonnes carried over from the previous year.
The government agency sees canola exports falling to 6.50 million tonnes in 2021/22, which would be about four million tonnes below what moved in 2020/21.
The Canadian dollar was slightly firmer in early trade.
About 3,700 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 886.00 dn 1.90
Jan 878.00 dn 0.50
Mar 869.00 dn 1.30
May 853.50 dn 1.70
Source: Commodity News Service Canada (Phil Franz-Warkentin, [email protected], or 204-414-9084)