WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher at midsession Wednesday, dominated by the funds getting out of their very large short positions.
Additional support for canola came from small gains in Chicago soybeans and soyoil, along with slight upticks European rapeseed and Malaysian palm oil. Meanwhile, Chicago soymeal was down a little. As well, there were modest increases in global crude oil prices, which provided some support for the vegetable oils.
The U.S. Department of Agriculture attaché in Ottawa projected canola production for 2023/24 at 18.3 million metric tons. That's a pinch lower than the current estimate from Agriculture and Agri-Food Canada of 18.5 million metric tons.
Statistics Canada is not scheduled to issue its production forecast until the end of April.
The Canadian dollar was higher so far on Wednesday, with the loonie at 73.63 U.S. cents, compared with Tuesday's close of 73.39.
Approximately 19,900 canola contracts were traded as of 11:27 EDT.
Prices in Canadian dollars per metric tonne at 11:27 EDT:
Price Change
Canola May 770.10 up 7.70
Jul 753.00 up 5.10
Nov 727.70 up 4.20
Jan 730.90 up 3.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-29-23 1155ET
