By Glen Hallick, MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – ICE Futures canola contracts were lower at midday Monday amid light trading.
Most of the United States markets are closed today for Memorial Day, including the Chicago Board of Trade. Trading resumes at 7 p.m. Central. Meanwhile, lower European rapeseed and Malaysian palm oil weighed on canola values.
A Winnipeg-based trader said Chicago soyoil and soymeal finished weaker on Friday, which pulled down canola.
Also, he noted that the amount of canola planted this year remains something of a question mark. He estimated about 50 to 55 per cent of the canola has been planted so far.
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Earlier this month Statistics Canada projected canola acres at 20.615 million for 2020/21.
“Lower acres could set up the carry-out falling under two million tonnes,” the trader said, adding there have been rather large carryouts over the last few years.
The federal agency issued its monthly crush report today and noted the April crush came to 845,460 tonnes of canola. That produced more than 370,000 tonnes of canola oil and almost 470,000 tonnes of canola meal.
Also, Statistics Canada reported more than 162,000 tonnes of soybeans were crushed in April, with almost 29,000 tonnes of soybeans and more than 128,000 tonnes of soymeal.
The Canadian dollar was higher at 71.54 U.S. cents, compared to Friday’s close of 71.35.
Approximately 2,500 canola contracts were traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Nov 470.30 dn 2.10
Jan 476.80 dn 2.10
Mar 484.80 dn 1.50
