WINNIPEG--Intercontinental Exchange canola futures were lower at midday Tuesday, giving up a fair chunk of the gains made Monday.
Despite the grain stocks report from Statistics Canada showing very low canola stocks as of Dec. 31, declines in other edible oils weighed on values. Those steep losses were propelled by a sharp drop in crude-oil prices as global tensions were reportedly easing.
Statistics Canada estimated combined on-farm and commercial canola stocks at 7.56 million metric tons, which is a little more than 43% lower than the previous December.
Barley, oats, dry peas, wheat and durum were also significantly lower in the report.
"Everybody expected lower stocks and that's what we got," an analyst said, noting that some of the new December numbers are lower than the March stocks over the last few years.
The Canadian dollar was pulling back at 78.63 U.S. cents compared to Monday's close of 78.81.
Approximately 15,450 canola contracts were traded as of 11:26 a.m. EST.
Prices in Canadian dollars per metric ton:
Price Change
Canola
Mar 1,024.80 dn 4.70
May 1,010.90 dn 7.50
Jul 984.10 dn 5.80 Nov 839.80 dn 6.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-08-22 1203ET
