By Glen Hallick, MarketsFarm
WINNIPEG – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning following the release of the survey-based Statistics Canada report on planted acres.
Canola acres for 2023/24 came in higher than trade expectations as StatCan pegged them at nearly 22.1 million, compared to the 21.4 million seeded last year. Total wheat acres came in at 26.9 million, up from 25.2 million in 2022/23.
Pressure on the Canadian oilseed also came from declines in the Chicago soy complex and European rapeseed. Gains in Malaysian palm oil helped to temper further losses. Global crude oil prices were relatively steady, providing little direction to the vegetable oils.
Crush margins remained on the upswing, with the November positions now C$200 per tonne above the futures.
The Canadian dollar was weaker on Wednesday morning, with the loonie falling to 75.40 U.S. cents compared to Tuesday’s close of 75.90.
About 11,350 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Jul 720.60 dn 18.70 Nov 706.90 dn 6.80 Jan 712.50 dn 7.10 Mar 713.90 dn 7.30
