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ICE Canola Weakens at Midday Amid Broad Selloff

07/05/2022 | 12:00pm EDT

WINNIPEG, Manitoba--ICE Futures canola contracts were weaker at midday Tuesday, as broad selling in the global agricultural markets weighed on values.

The Chicago soy complex, European rapeseed and Malaysian palm oil were all lower, with weakness in crude oil and financial markets amid mounting recession fears contributing to the declines in the grains and oilseeds.

The Canadian dollar was also weaker, which provided some underlying support for the canola market as the softer currency boosts crush margins and makes exports more attractive for international buyers.

Statistics Canada releases updated acreage estimates pegging 2022 canola plantings at 21.4 million acres. That would be up from an earlier estimate of 20.9 million acres but still down by 4.7% from 2021.

About 15,900 canola contracts traded as of 11:28 EDT.

Prices in Canadian dollars per metric ton at 11:28 EDT:

Canola      Jul    881.80    unchanged 
            Nov    811.80     dn 35.00 
            Jan    820.10     dn 33.70 
            Mar    827.70     dn 32.90 
 

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

07-05-22 1159ET

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