ICE Canola Posting Solid Gains at Midday

WINNIPEG--The ICE Futures canola market was stronger at midday Monday, correcting above major chart support.

Ideas that losses posted the previous week were overdone contributed to the gains, with the November contract well off of its recently hit one-month lows.

Statistics Canada releases updated production estimates on Tuesday, and general expectations are for a downward revision to the already small 14.7 million metric ton crop forecast in late-August. The harvest is under way across the Prairies, and early anecdotal reports point to average yields well below the current forecast.

The Chicago Board of Trade soy complex was mixed at midsession, providing little direction for canola. The Canadian dollar was slightly softer.

About 9,000 canola contracts traded as of 11:32 a.m. EDT.

Prices in Canadian dollars per metric ton at 11:32 a.m. EDT:

 
 
                          Price      Change 
Canola            Nov     861.80    up  8.10 
                  Jan     852.10    up  8.30 
                  Mar     840.70    up  8.50 
                  May     825.80    up  8.00 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

09-13-21 1205ET