By Glen Hallick, MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midsession on Wednesday, dominated by the funds getting out of their very large short positions.
Additional support for canola came from small gains in Chicago soybeans and soyoil, along with slight upticks European rapeseed and Malaysian palm oil. Meanwhile, Chicago soymeal was down a little. As well, there were modest increases in global crude oil prices, which provided some support for the vegetable oils.
The United States Department of Agriculture (USDA) attaché in Ottawa projected canola production for 2023/24 at 18.3 million tonnes. That’s a pinch lower than the current estimate from Agriculture and Agri-Food Canada (AAFC) of 18.5 million tonnes. Statistics Canada is not scheduled to issue its production forecast until the end of April.
The Canadian dollar was higher so far on Wednesday, with the loonie at 73.63 U.S. cents, compared to Tuesday’s close of 73.39.
Approximately 19,900 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change Canola May 770.10 up 7.70 Jul 753.00 up 5.10 Nov 727.70 up 4.20 Jan 730.90 up 3.90
