Glacier FarmMedia – Canola futures on the Intercontinental Exchange took a tumble in the middle of Wednesday trading with little support from comparable oils.
Statistics Canada will release its principal field crop estimates on Thursday with many analysts anticipating a higher canola production estimate than the 20.03 million tonnes previously projected.
An analyst said canola’s price drop could be “a major breakdown in the making” and wondered if StatCan’s next estimate could surpass 22 million tonnes. However, he also said cash basis was improving, which indicated strong commercial buying interest.
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Glacier FarmMedia -– Canola futures on the Intercontinental Exchange retreated on Wednesday with little support from comparable oils. Statistics…
Chicago soyoil, European rapeseed and Malaysian palm oil were down. However, crude oil prices were higher as little, if any progress was made towards the end of Russia’s invasion of Ukraine.
The Canadian dollar is up one-tenth of a United States cent compared to Tuesday’s close.
About 43,200 canola contracts have traded at 10:08 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 633.10 dn 11.70
Mar 646.50 dn 11.90
May 658.00 dn 11.90
Jul 664.90 dn 11.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
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