ICE Canola Futures Ease As Outside Oilseeds Decline
Tuesday, September 14, 2021 9:58 AM

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, Sep. 14, 2010 (Resource News International) -- Canola contracts on the ICE Futures
Canada platform were trading at steady to weaker price levels
at 9:35 EDT. The lack of follow-through demand that was evident
in Monday's trade and declines in the outside oilseed markets
overnight, accounted for the losses seen in canola, market
watchers said.

Losses were posted overnight in e-CBOT soybean futures, as
well as in Malaysian palm oil and European rapeseed prices,
brokers said.

Anticipated declines in CBOT soybean futures with the
start of the North American day session, further encouraged the
weakness in canola, traders said.

Continued firmness in the Canadian dollar was adding to
the bearish sentiment in canola, with the strong currency
scaring off fresh export demand and causing crush margins for
domestic processors to deteriorate.

Analysts said some bearish fallout from the larger than
expected ending stocks forecast from Statistics Canada last
week also continues to weigh on canola futures.

News that ABARE has increased its estimate for this year's
Australian canola crop to 2.23 million metric tons, also had
bearish price implications for canola. With the higher
production, Australia's canola exports were also seen

The losses in canola were tempered by outlooks calling for
a significant frost later this week in Alberta and
Saskatchewan, brokers said. The late development of this year's
canola crop has left it more vulnerable than normal to frost

As of 9:35 EDT, there were 664 canola contracts traded.

As of 9:35 EDT, no western barley contracts had been

Prices in Canadian dollars per metric ton at 9:35 EDT:

Price Change
Nov 457.20 dn 1.70
Jan 462.10 dn 1.50
Mar 463.60 dn 3.80
Western Barley
Oct 170.00 unchanged
Dec 180.00 unchanged



Symbol :


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