By Glen Hallick, MarketsFarm
WINNIPEG, June 26 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker in early activity Wednesday morning, as traders look to get out of their July contracts.
Also, the weather forecast for the Prairies has called for more rain over part of all three provinces today and into the weekend, which weighed on values.
The Canadian dollar is stronger this morning, having inched above the 76 U.S. cent mark and put pressure on bids.
Statistics Canada released its Principal Field Crops Area report this morning, which stated canola acres in 2019 are down 8.2 per cent from last year. For the June report, farmers reported planting almost 21.0 million acres, which is down from the 21.3 million acres in the agency’s March report.
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Saskatchewan’s crop of 11.6 million acres is down 6.5 per cent from 2018, Alberta is growing almost 13 per cent less canola at 5.9 million, and Manitoba is down 3.2 per cent at 3.3 million acres.
Statistics Canada indicated the decline in canola acres is due to lower prices and the Canada/China dispute.
About 6,300 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 440.60 dn 5.20
Nov 453.00 dn 3.10
Jan 459.80 dn 3.60
Mar 467.30 dn 2.60
