By Glen Hallick, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midday on Tuesday, with a tremendously wide gap in the gains for old crop and those for new crop. The latter was quite volatile in fluctuating between declines and increases.
A Winnipeg-based trader said the markets were likely not paying much attention to the Statistics Canada report on projected plantings released this morning. He noted the survey-based report’s numbers were obtained “a long time ago.”
The federal agency called for 21.53 million acres of canola to be planted in 2021/22, compared to the estimated 20.78 million seeded in 2020/21.
Read Also
North American Grain and Oilseed Review: Canola falls hard
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned weaker on Wednesday, despite support from…
“It’s certainly not bearish,” the trader said, suggesting Canada needs at least 23 million acres to avoid tight ending stocks in 2021/22.
“I don’t think that’s going to happen,” he stated.
Another day of sharp gains in Chicago soyoil provided more spillover support for canola.
“This sounds kind of crazy, but May canola at C$910 per tonne is ludicrously cheap,” when the Canadian oilseed compared to soyoil the trader emphasized.
The Canadian dollar was relatively steady with the loonie at 80.61 U.S. cents, compared to Monday’s close of 80.57.
Approximately 13,100 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola May 908.00 up 13.60
Jul 850.00 up 10.00
Nov 699.90 up 1.40
Jan 699.30 up 3.50
