By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were on the rise at mid-session Monday, following the principal field crop areas report from Statistics Canada.
Planted canola acres were projected to drop to 21.39 million in 2024 from last year’s 22.08 million, according to StatCan. However, there has been some uncertainty towards to the report because the farmer surveys were issued in December.
One analyst said it’s likely canola acres could rise come seeding time as precipitation across the dry Prairies was forecast to improve heading into spring.
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Support for the Canadian oilseed was also derived from gains in Chicago soyoil, European rapeseed, and Malaysian palm oil. As declines in Chicago soybeans and soymeal attempted to stymie further upticks in canola, modest losses in crude oil prices weighed on the vegetable oils.
In the United States Department of Agriculture world oilseed report issued on Friday, Canadian canola production for 2023/24 was kept at 18.80 million tonnes, but exports were trimmed by 100,000 at 7.55 million tonnes.
The Canadian dollar was virtually unchanged late Monday morning with the loonie holding firm 74.09 U.S. cents.
Approximately 35,350 canola contracts were traded as of 10:32 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 618.70 up 9.10 Jul 625.70 up 8.00 Nov 631.20 up 7.70 Jan 636.50 up 7.00
