WINNIPEG – The ICE Futures canola market was higher at midday Tuesday, with the lightly-traded old crop July contract testing the new daily limit.
On Monday, ICE raised the daily limit for canola contract from C$30 per tonne to C$45/tonne. While new crop contracts were not surpassing the old limit, they still increased by double-digits. Record temperatures in Western Canada have provided support for canola, according to a Winnipeg-based trader.
Soybean contracts were mixed and soyoil gained in concert with canola, but only by less than two U.S. cents per pound. Soymeal was in the red, but only by two U.S. dollars per short ton.
Statistics Canada released its June survey-based field crop acreage estimates on Tuesday with canola estimated to have 22.48 million acres seeded, an 8.2 per cent increase from the year before. The United States Department of Agriculture will release its own acreage report tomorrow.
The Canadian dollar was down 0.28 of a cent at midday.
Nearly 18,400 contracts were traded as of 10:46 a.m. CDT.
Price Change
Canola Jul 818.20 up 38.70
Nov 793.50 up 24.00
Jan 785.40 up 19.40
Mar 776.30 up 18.30
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