By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 21 (CNS Canada) – ICE Canada canola contracts were weaker Friday morning, as the market reacted to Statistics Canada’s record canola acreage estimate and corrected off of nearby highs.
StatsCan pegged Canadian canola seedings this spring at 22.4 million acres, which would be up by two million from the previous year and above the previous record of 22.0 million, set in 2012.
However, a firmer tone in the Chicago Board of Trade soy complex helped limit the losses in canola.
Weakness in the Canadian dollar provided further support, as the declining currency makes canola more attractive to international buyers.
About 15,500 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded.
