By Glen Hallick, MarketsFarm
WINNIPEG, April 12 (MarketsFarm) – ICE Futures canola contracts were up at midday Friday, as rolling May contracts into July was a very significant feature, according to a Winnipeg-based trader.
The May and July contracts gained C$2.00, with May at C$458.20 per tonne and July at C$466.30 per tonne
The trader noted Western Canadian farmers, especially those in Alberta and Saskatchewan, have started planting.
While expectations are for less canola acres planted this year compared to 2018 because of China’s ban on Canadian canola imports, Glacier Farm Media’s Allan Dawson reported otherwise. Dawson wrote that BASF and Bayer have not heard from suppliers that farmers want to cancel their canola seed orders.
Statistics Canada releases its 2019/20 Principal Field Crop Acreage report on April 24.
The Canadian dollar was up Friday, hovering around 75 U.S. cents. That’s partially due to the U.S. dollar being down against other currencies, said the trader.
About 21,200 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Canola May 458.20 up 2.00
Jul 466.20 up 2.00
Nov 476.60 up 1.40
Jan 483.30 up 1.90
Commodity Future Prices
Prices are in Canadian dollars per metric ton