By Glen Hallick, MarketsFarm
WINNIPEG, March 20 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly higher Friday morning, getting support from increases in Chicago soyoil and European rapeseed.
Although the Canadian has moved above 70 U.S. cents, it’s still low enough to provide support to canola values. The loonie was at 70.17, compared to Thursday’s close of 68.99.
The COVID-19 pandemic continues to be a negative factor affecting all markets. However, the Canadian government’s stimulus package appears to have generated a measure of positive sentiment in the markets.
Agriculture and Agri-Food Canada (AAFC) issued its latest Outlook for Principal Field Crops on Thursday. AAFC maintained its forecast for a decrease of almost 1.5 million tonnes in canola production in 2020/21, at 18.5 million. However, ending stocks are now bumped up by 100,000 tonnes at 2.8 million.
About 6,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola May 463.60 up 0.70
Jul 471.70 up 1.20
Nov 480.20 up 1.30
Jan 487.10 up 1.50
