By Glen Hallick, MarketsFarm
WINNIPEG, April 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Thursday morning, in what has become a “demand-pull market.”
There was pressure on the immediate May contract as traders looked to roll out before it expires.
Tight canola supplies in Canada continued to underpin old crop values, while dry conditions across the Prairies remained supportive of new crop values.
Also, strong support was coming from gains in the Chicago soy complex. There was additional spillover from increases in Malaysian palm oil and European rapeseed, with the latter up very sharply in its May contract.
Indications point to more canola being planted this year than initially anticipated, which tempered gains. Statistics Canada is scheduled to release its planting projections on April 27.
The Canadian dollar was slightly higher with the loonie at 79.96 U.S. cents compared to Wednesday’s close of 79.85.
About 4,800 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Canola May 874.20 dn 2.10
Jul 824.60 up 5.50
Nov 686.60 up 5.60
Jan 685.10 up 5.80
Futures Prices as of April 22, 2021
Prices are in Canadian dollars per metric ton