By Glen Hallick, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were turning higher at midday on Monday, as tight old crop supplies and dryness on the Prairies were supportive. Earlier profit-taking saw losses in a number of active months.
There is a very strong likelihood of more canola acres going into the ground this spring than initially anticipated. The April estimate from Agriculture and Agri-Food Canada called for more than 21.6 million acres, while market projections are 21.5 million to 23.2 million. In 2020/21 farmers planted almost 20.8 million acres.
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Competition with other grains and dryness on the Prairies were expected to temper increases in seeded canola acres.
Influences from edible oils was mixed with more sharp gains in the Chicago soy complex, while there were declines in Malaysian palm oil and European rapeseed.
A sharp spike in Canadian dollar was weighing on canola values. The loonie jumped to 80.65 U.S. cents, compared to Friday’s close of 80.07.
Approximately 8,300 canola contracts were traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola May 883.40 up 8.20
Jul 830.30 up 8.70
Nov 696.10 up 3.60
Jan 684.00 dn 5.40
