WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were slightly higher on Thursday morning, following the release of the updated production report from Statistics Canada.
In StatCan's second model-based report, canola production for 2023/24 was trimmed to 17.37 million tonnes from the 17.56 million estimated in August. However, the federal agency increased its call on all wheat from 29.47 million tonnes to now 29.84 million. StatCan's survey-based production report will be published in December.
Meanwhile, harvest pressure continued to weigh on values. Saskatchewan is scheduled to issue its weekly crop report later today. Last week the province's harvest was 51 percent complete overall.
Canola crush margins remained very strong, with nearly all positions well exceeding C$200 per tonne above futures.
Small declines in Chicago soybeans and soyoil put some pressure on canola values. However, spillover from gains in Chicago soymeal, European rapeseed and Malaysian palm oil helped to provide support. Modest upticks in global crude oil prices underpinned the vegetable oils.
The Canadian dollar was higher on Thursday morning, with the loonie at 73.92 U.S. cents, compared to Wednesday's close of 73.80.
About 11,400 contracts had traded as of 9:37 EDT.
Prices in Canadian dollars per metric tonne at 9:37 EDT:
Canola
Price Change
Nov 757.00 up 1.70
Jan 765.40 up 1.40
Mar 770.40 up 0.80
May 777.70 up 4.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-14-23 1007ET
