By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, hitting fresh contract highs as acreage data provided support and speculators returned to the buy side after Monday’s brief profit-taking correction.
Canadian farmers intended to seed 20.9 million acres of canola in 2022, according to a report from Statistics Canada. That would be down seven per cent on the year and below average trade expectations.
Gains in outside markets, including Chicago soyoil, European rapeseed and Malaysian palm oil futures contributed to the strength in canola.
Weakness in the Canadian dollar also provided some support.
About 7,300 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola May 1,195.40 up 10.70
Jul 1,181.10 up 13.00
Nov 1,093.60 up 11.80
Jan 1,100.40 up 15.60
