By Glen Hallick, MarketsFarm

WINNIPEG, April 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Wednesday morning, with sharps gains in the old crop months and declines in the immediate new crop months.

Support was coming from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Declines in Chicago soybeans and soymeal weighed on values.

Concerns over tight canola supplies were supportive of old crop values, while dry conditions across the Prairies underpinned new crop prices. Cooler weather has been forecast in the coming days for the region, which will slow any seeding progress.

Gains were tempered by the prospect of more canola being planted this spring. Yesterday, Agriculture and Agri-Food Canada kept its projection for 21.6 million acres in its latest supply and demand estimates. Statistics Canada is scheduled to issues its first survey-based planting projections on April 27.

The Canadian dollar was weaker, with the loonie at 79.13 U.S. cents compared to Tuesday’s close of 79.54.

About 7,700 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric tonne at 8:40 CDT:

Price Change
Canola May 870.10 up 7.80
Jul 819.90 up 12.60
Nov 676.80 unchanged
Jan 671.50 dn 4.10