By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – The ICE Futures canola market was mixed Monday morning, with gains in the front months and losses in the new crop contracts.
Early gains in the Chicago Board of Trade soy complex provided some spillover support for canola. However, Malaysian palm oil and European rapeseed futures were both lower in overnight activity.
Persistent concerns over tight supplies accounted for some of the strength in the old crop contracts.
Statistics Canada releases its first survey-based acreage estimates for the 2021 growing season on Tuesday, April 27. Traders generally expect to see an increase in canola area on the year, given the high prices, but agronomic issues and competition with other crops may limit how much is planted.
About 3,600 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola May 880.00 up 4.80
Jul 824.50 up 0.30
Nov 690.30 dn 2.20
Jan 686.00 dn 3.40
