By Glen Hallick, MarketsFarm
WINNIPEG, April 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning in a show of independent strength.
There were declines in Chicago soyoil, but European rapeseed was mostly higher and there were moderate increases in Malaysian palm oil.
Tight supplies continued to underpin old crop canola values. The prospect of more canola acres than the approximately 20.1 million anticipated being planted this spring added pressure, but that was countered by dry conditions across much of the Prairies.
The Canadian dollar was lower with loonie at 79.25 U.S. cents, compared to Tuesday’s close of 79.62.
The French consultancy Strategie Grains slightly lowered its forecast for the 2021 European rapeseed crop from 17 million tonnes to 16.8 million tonnes. However, that is more than the 2020 crop of 16.25 million tonnes.
About 4,950 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Canola May 789.00 up 3.90
Jul 735.40 up 0.30
Nov 627.30 up 1.80
Jan 631.70 up 5.20