By Dave Sims, Commodity News Service Canada
WINNIPEG, April 21 – Canola contracts on the ICE Futures Canada platform were stronger at 10:50 CDT on Thursday, as a new report indicated Canadian farmers will be planting less canola acres than expected.
Most analysts predicted acreage to be between 19.7 million to 21.3 million acres, however that figure is now pegged at just 19.3 million acres in today’s planting intentions report compiled by Statistics Canada. In 2015, Canadian farmers planted 20.1 million acres of canola.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
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Dryness in Western Canada added to the bullish tone.
Strength in Malaysian palm oil and Chicago soybeans also underpinned the market.
However, losses in Chicago soyoil limited the gains.
Farmer selling is steady and some profits have been taken.
About 24,000 canola contracts had traded as of 10:50 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
Price Change
Canola May 496.30 up 6.40
Jul 500.30 up 6.80
Nov 493.80 up 4.40
Milling Wheat May 245.00 unch
Jul 244.00 unch
Durum May 297.00 unch
Jul 292.00 unch
Barley May 172.00 unch
Jul 174.00 unch
