By Glen Hallick, MarketsFarm
WINNIPEG, May 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, with the strongest increases coming in the new crop positions.
Support was derived from gains in Chicago soybeans and soymeal, along with European rapeseed. Sharp declines in Malaysian palm oil and small losses in Chicago soyoil weighed on values. Higher crude oil prices lent support to edible oils.
Statistics Canada is scheduled to publish its report on grain stocks as of March 31 on Friday. Trade expectations are for the report to highlight the tightness of canola stocks.
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Spring planting remains largely delayed in the eastern Prairies, while progress continued in the western portion. Rain is in the forecast for the latter, which will aid germination.
As for the provincial crop reports, Saskatchewan is set to issue its first crop report of 2022 today at 11 CDT. Alberta comes out with theirs on Friday, followed by Manitoba on Tuesday.
The Canadian dollar was higher on Thursday morning with the loonie at 78.37 U.S. cents, compared to Wednesday’s close of 78.06.
About 2,900 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 1,147.90 up 3.20
Nov 1,089.50 up 12.00
Jan 1,093.90 up 13.10
Mar 1,091.30 up 12.60
