By Glen Hallick, MarketsFarm
WINNIPEG, April 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Tuesday morning, with the bulk of the activity in the old crop contracts as traders roll their short positions from May to July.
However, pressure came from losses in the Chicago soy complex as well as in European rapeseed and Malaysian palm oil. Small declines in global crude oil prices contributed to the pressure on the vegetable oils.
Although crush margins continued to recede with all positions under C$200 per tonne, they were still quite healthy and underpinned canola values.
Statistics Canada indicated it will release its prospective plantings report Wednesday morning, despite the strike by federal workers. Market expectations pegged canola acres at 21.65 million to 22.30 million, versus the 21.40 million seeded in 2022/23.
The Canadian dollar was pulling back on Tuesday morning with the loonie at 73.52 U.S. cents compared to Monday’s close of 73.84.
About 5,200 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola May 767.50 dn 0.30 Jul 729.40 up 1.70 Nov 698.60 up 1.20 Jan 702.70 up 0.50
