WINNIPEG – The ICE Futures canola market moved upwards on Wednesday hours after Statistics Canada (StatCan) released its first survey-based seeding intentions report for 2023-24.
StatCan estimated that 21.7 million acres will be used to grow the oilseed, at the lower end of trade expectations. One analyst said that the report had some effect on the markets with deferred canola contracts rising in price, as well as those for European rapeseed. Spring wheat prices were lower as StatCan’s acreage estimate was 19.39 million, at the higher end of trade guesses.
Chicago soyoil was up, but Malaysian palm oil was down. Crude oil showed a small decline due to weakened demand.
The Canadian dollar was steady compared to Tuesday’s close.
Nearly 16,150 canola contracts were traded as of 10:21 CDT.
Price Change
May 763.00 dn 1.80
Jul 732.90 up 6.50
Nov 700.90 up 5.90
Jan 705.60 up 5.70
