WINNIPEG – The ICE Future canola market was pulled down on Wednesday after the latest acreage figures from Statistics Canada (StatCan), as well as spillover from weakness in other markets.
StatCan projected 22.1 million acres of canola to be planted in 2023, representing a 3.2 per cent increase from the year before. Chicago soyoil and European rapeseed were both lower. Meanwhile, Malaysian palm oil and crude oil were both on the rise.
One analyst said that the canola acres estimated by StatCan were higher than expected. The analyst also said that most markets were in the red due to anticipated rainfall across North America which may or may not materialize.
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The Canadian dollar fell more than half a United States cent compared to Tuesday’s close due to a stronger U.S. greenback. StatCan reported on Tuesday that the country’s inflation rate dropped to 3.4 per cent in May, its lowest level since June 2021.
The U.S. Department of Agriculture (USDA) will release its acreage and quarterly grain stocks reports on Friday.
Nearly 18,300 canola contracts were traded as of 10:17 CDT.
Price Change
Jul 714.30 dn 25.00
Nov 701.80 dn 11.90
Jan 707.90 dn 11.70
Mar 708.30 dn 12.90
