By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 29 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, posting solid gains to start the week after trending lower the previous five sessions.
The gains came despite a softer tone in the Chicago Board of Trade soy complex and a steady reading for the Canadian dollar.
Updated acreage estimates from Statistics Canada pegged 2020 canola area at 20.78 million acres, which was at the higher end of trade estimates but still slightly below the 2019 crop.
However, actual area may end up a bit lower due to the timing of the survey and ideas that excessive moisture in northern Alberta likely cut into some intended acres.
Weather conditions across the Prairies were mixed over the weekend, with cool and wet conditions persisting to the west while the eastern Prairies saw hot temperatures.
About 3,400 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Canola Jul 473.00 up 2.50
Nov 470.90 up 2.40
Jan 477.30 up 2.80
Mar 482.70 up 3.10