Glacier FarmMedia MarketsFarm – The ICE Futures canola market was in positive momentum on Monday morning on the heels of supportive data from Statistics Canada (StatCan).
The agency reported earlier today that the seeded area for Canadian canola is expected to decrease by 3.1 per cent from 2023-24 at 21.4 million acres due to lower prices and less soil moisture. Acres are expected to decline in Alberta and Saskatchewan, but they may rise in Manitoba.
Chicago soyoil, European rapeseed and Malaysian palm oil were also higher, bringing support to canola. However, crude oil prices were lower.
The Canadian dollar was down more than one-tenth of a United States cent compared to Friday’s close.
Nearly 11,800 contracts were traded. Prices in Canadian dollars per metric ton as of 8:43 CST:
May 614.00 up 4.40
Jul. 621.70 up 4.00
Nov. 626.80 up 3.30
Jan. 631.90 up 2.40
