Glacier FarmMedia COVID-19 & the Farm

ICE canola at new highs at midday Thursday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, April 22 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, hitting fresh contract highs once again.
Tightening supplies remained the key driver in the market, with a rally in Chicago Board of Trade soybeans and soyoil also supportive.
“Crushers are trying to buy more old crop before farmers get busy with seeding,” said a trader on strength in the cash market that was spilling into the futures.
Concerns over dryness cutting into new crop production also proved support, although there is more moisture in the longer range forecasts.
Statistics Canada releases its first survey-based acreage estimates on April 27. General expectations are for an increase in seeded canola area from the 20.8 million acres planted in 2020, but agronomic factors and competition with other crops may limit the extent of the increase.
About 16,500 canola contracts traded as of 10:47 CDT.

Prices in Canadian dollars per metric tonne at 10:47 CDT:

Price Change
Canola May 881.10 up 4.80
Jul 834.20 up 15.10
Nov 693.90 up 12.90
Jan 688.80 up 9.50

Commodity Future Prices

Canola
Price Change

Prices are in Canadian dollars per metric ton

COPA Medallion COPA finalist in 2012, 2014 and 2015.
©2021 AGCanada is a production of Glacier FarmMedia Limited Partnership. Any affiliated or third party content is the property of its respective owner and is used with permission.
Please refer to Copyright Page for details.
Click here to view our Website Terms of Use.