By Glen Hallick, MarketsFarm
WINNIPEG, April 24 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, as a lower Canadian dollar and the Statistics Canada acreage report provided support.
The May contract gained C$1.20 at C$439.00 per tonne and the July contract was up C$1.30 at C$447.70 per tonne.
The Canadian dollar is down on Wednesday because the Bank of Canada will hold interest rates and have downgraded Canada’s gross domestic product, said a Calgary-based analyst.
The loonie was at 74.13 U.S. cents.
The Principal Field Crop Area report, released by Statistics Canada earlier this morning, provided a little bit of help, he said.
Canola acres were projected to drop this spring from the 22.8 million acres planted in 2018, to 21.3 million acres.
About 17,200 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola May 439.30 up 1.50
Jul 447.60 up 1.50
Nov 459.60 up 0.60
Jan 466.30 up 0.30
