WINNIPEG, Manitoba-- Intercontinental Exchange canola futures were taking a big step back at midday Monday, with the front months down by more than C$20 a metric ton.
There were sharp declines in European rapeseed and in the Chicago soy complex, although soymeal was down much more moderately. The weakness in veg oils was being driven by a significant pull back in global crude oil prices. However, there were sizeable gains in Malaysian palm oil.
Agriculture and Agri-Food Canada issued its monthly supply and demand estimates on Jan. 21, and the department pegged canola production for 2022/23 at 20.2 million tons. Other than corn, AAFC projected profound production increases for the coming marketing year for all major crops.
The Canadian dollar was down hard, with the loonie at 78.88 U.S. cents, compared to Friday's close of 79.71.
Approximately 17,100 canola contracts were traded as of 11:45 EST.
Prices in Canadian dollars per metric ton at 11:45 EST:
Price Change
Canola Mar 996.00 dn 26.30
May 986.30 dn 22.80
Jul 957.70 dn 19.70
Nov 816.20 dn 11.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-24-22 1213ET
