By Dave Sims, Commodity News Service Canada
WINNIPEG, April 23 – ICE Canada canola contracts were higher Thursday morning, receiving support from Statistics Canada’s Planting Intentions Report which pegged canola acreage at the low end of trade estimates.
StatsCan estimated canola area at 19.4 million acres which compares to the 20.3 million acres seeded last year.
Canola also took strength from advances in the US soy complex.
Slow farmer selling contributed to the upside along with European rapeseed futures which were slightly higher.
However, strength in the Canadian dollar was bearish, as it made canola less attractive to international buyers.
The July contract is in the middle of its recent range and unlikely to break out either way, said a trader.
The advancing South American soybean harvest limited the gains.
About 8,000 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CDT:
