By Glen Hallick, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning and witnessed the May contract push above C$800 per tonne.
Old crop canola prices continued to be underpinned by tight supplies, while those for new crop were getting support from the dry conditions on the Prairies.
Weighing on values was the prospect of more canola going into the ground this spring than the 20.1 million acres anticipated by Agriculture and Agri-Food Canada. Statistics Canada will release its first survey-based estimates on principal field crop planting intentions at the end of the month.
In comparable edible oils, Chicago soyoil and European rapeseed were higher, while Malaysian palm oil was lower.
The Canadian dollar was higher with loonie at 79.41 U.S. cents, compared to Wednesday’s close of 79.26.
About 3,000 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Canola May 806.00 up 5.60
Jul 743.90 up 2.90
Nov 629.70 up 2.70
Jan 630.90 up 3.20
Futures Prices as of April 8, 2021
Prices are in Canadian dollars per metric ton