WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were lower Wednesday morning, due to continuing harvest pressure.
However, there's support coming from gains in Chicago soybeans and soyoil, while soymeal slipped back. Increases in Malaysian palm oil and European rapeseed spilled over into canola. Small upticks in global crude oil prices help prop up the vegetable oils.
Manitoba Agriculture reported the provincewide harvest hit 51 percent complete overall, with the canola at 35 percent finished.
The U.S. Department of Agriculture issued its monthly supply and demand estimates on Tuesday, pegging Canadian canola production for 2023/24 at 18.2 million tonnes, down from its previous forecast of 19 million.
Statistics Canada is scheduled to publish its update production numbers on Thursday. At the end of August, StatCan placed canola output at nearly 17.6 million tonnes. Some in the trade believe production could exceed 18.0 million tonnes.
The Canadian dollar was a pinch higher on Wednesday morning, with the loonie at 73.81 U.S. cents, compared to Tuesday's close of 73.75.
About 11,650 contracts had traded as of 9:39 EDT.
Prices in Canadian dollars per metric tonne at 9:39 EDT:
Canola
Price Change
Nov 747.20 dn 5.10
Jan 756.20 dn 4.90
Mar 762.00 dn 4.70
May 767.90 dn 2.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-13-23 1006ET
