By Glen Hallick, MarketsFarm
WINNIPEG, June 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were significantly stronger on Tuesday morning, as the weather across the Prairies remains very hot with little possibility of rain.
While Lytton, B.C. was just short of 48 Celsius, temperatures in the western Prairies rose well into the mid to high 30’s Celsius, as the system moves eastward. There could be some localized thunderstorms, but no major rainfall is forecast for the next several days. This has left crops very stressed across the region.
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Statistics Canada released its long-awaited acreage report this morning, and canola acres were estimated at 22.48 million, for an increase of 4.4 per cent from the federal agency’s April report. This year’s plantings are just over six per cent more than the 21.18 million acres planted last year.
Total wheat acres for 2021 came in at 23.36 million, which is 6.5 per cent less than what went into the ground in 2020, according to the Statistics Canada report.
The Canadian dollar continued its pull back this morning, with the loonie falling to 80.85 U.S. cents compared to Monday’s close of 81.07.
After yesterday’s limit up close, ICE raised the daily limit to C$45 per tonne.
About 9,100 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Nov 813.80 up 44.30
Jan 804.90 up 38.90
Mar 792.00 up 34.00
