By Glen Hallick, MarketsFarm
WINNIPEG, May 6 (MarketsFarm) – ICE Futures canola contracts were slightly higher on Wednesday, getting support from a weaker Canadian dollar.
The loonie was lower at 70.73 U.S. cents, compared to Tuesday’s close of 71.27.
“The Canadian dollar being down today by a half penny would have a supporting factor,” a Winnipeg-based analyst said.
Gains in canola were tempered by sharp declines in Chicago soyoil. Meanwhile European rapeseed and Malaysian palm oil offered very little in direction.
Tomorrow, Statistics Canada releases its delayed principal crop area report. Due to the COVID-19 pandemic, the report was postponed from its original April 24 release date. Market expectations for this spring have been above and below the 20.957 million acres Statistics Canada estimated were planted in 2019.
Approximately 6,500 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Jul 466.10 up 1.80
Nov 473.20 up 1.70
Jan 478.60 up 1.00
Mar 485.30 up 1.50
