By Marlo Glass, MarketsFarm
WINNIPEG, May 7 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Thursday morning due to strength in comparable vegetable oils.
Gains in the Chicago soy complex were supportive for canola. The soy complex was stronger following positive trade data from the United States Department of Agriculture (USDA).
Relative strength in the Canadian dollar tempered further gains for canola values. The Canadian dollar was just over 71 U.S. cents on Thursday morning.
Statistics Canada released their crop acreage estimates this morning. Canola acreage is estimated to total 20.6 million acres this year, which was slightly lower than last year.
About 3,500 canola contracts had traded as of 8:30 CDT.
Prices in Canadian dollars per metric ton at 8:30 CDT:
Price Change
Canola Jul 467.00 up 1.60
Nov 474.00 up 1.60
Jan 480.00 up 2.00
Mar 486.20 up 2.10
END
ICE canola futures: prices stronger on Thursday morning
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