By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – The ICE Futures canola market was higher Tuesday morning, although activity was choppy as the market reacted to the latest acreage estimates from Statistics Canada and movement in the Chicago soy complex.
Canadian farmers intend to seed 21.5 million acres of canola this spring, according to the first survey-based estimates of the growing season from the government agency. That would be up from the 20.8 million planted the previous year but well below average trade estimates.
Gains in Chicago Board of Trade soyoil futures were also supportive for canola, although soybeans were mixed in early trade.
Ideas that canola is looking overdone to the upside tempered the advances, with the new crop months lagging the old crop contracts higher.
About 8,000 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola May 911.90 up 17.90
Jul 854.40 up 14.10
Nov 703.40 up 5.00
Jan 701.00 up 5.20
