By Glen Hallick, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were on the rise at midday Tuesday, with most of the gains in the double-digits.
A trader said this morning’s release of the Statistics Canada planting intentions report saw canola jump C$2 to C$3 per tonne almost right away. The report forecast a seven per cent decline in canola acres this year compared to last at nearly 20.9 million. However, the trader said there’s likely more to the increases in canola prices than the report.
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There were gains in Chicago soybeans and soyoil, along with Malaysian palm oil and new crop European rapeseed. Old crop rapeseed and Chicago soymeal were to the downside. Global crude oil prices were rebounding from yesterday’s losses and lending support to edible oils.
The trader said the main thing to focus on now is spring planting getting off to a good start, albeit a late one in the most of the eastern Prairies. The renewed moisture content in the soil will be very beneficial, he noted.
The Canadian dollar was lower with the loonie at 78.12 U.S. cents, compared to Monday’s close of 78.38.
Approximately 17,350 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola May 1,192.50 up 7.80
Jul 1,185.40 up 18.30
Nov 1,101.20 up 19.40
Jan 1,102.70 up 17.90
