By Glen Hallick, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were steady to higher on Wednesday morning, following the release of the Statistics Canada (StatCan) report on prospective plantings for 2023/24.
StatCan pegged canola acres just short of 21.60 million, nudging up 0.9 per cent over last year. Total wheat acres were estimated to be 26.97 million, up little more than a six per cent. Both were within trade expectations, as were most other major crops.
Although canola crush margins continued to remain below C$200 per tonne, they were still quite wide and underpinning values.
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Support for canola was coming from upticks in European rapeseed and the front months of Chicago soybeans. Pressure came from declines in Chicago soyoil and soymeal, as well as Malaysian palm oil. Modest losses in global crude oil prices weighed on the vegetable oils.
With first notice day for May futures set for Friday, there was little trading of the nearby May canola contract.
The Canadian dollar was virtually unchanged on Wednesday morning, despite a sharp decline in the United States dollar. The loonie was at 73.43 U.S. cents compared to Tuesday’s close of 73.41.
About 4,800 contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change Canola May 764.90 up 0.10 Jul 733.10 up 6.70 Nov 700.00 up 5.00 Jan 704.30 up 4.40
