By Glen Hallick, MarketsFarm
WINNIPEG, May 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Friday morning, following the Chicago soy complex, European rapeseed and Malaysian palm oil to the downside. Those losses were being tempered by moderate increases in global crude oil prices.
Statistics Canada issued its grain stocks report this morning and as of March 31 total canola stocks in Canada tumbled 49.3 per cent at 3.9 million tonnes – the lowest March number in 17 years. Total wheat stocks dropped 38.7 per cent at 10.1 million tonnes, while corn stocks increased 13.9 per cent at 9.3 million tonnes.
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Wet conditions continued to keep farmers on the eastern Prairies from seeding their fields. Those in Manitoba aren’t expected to begin planting until mid-month. Meanwhile planting carried on in the western Prairies, but there are concerns about dry conditions. The extent of that progress will be known later today when Alberta releases its first crop report of 2022.
The Canadian dollar was lower on Friday morning with the loonie at 77.78 U.S. cents, compared to Thursday’s close of 77.99.
About 4,400 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Jul 1,156.10 dn 5.00
Nov 1,082.10 dn 8.90
Jan 1,087.20 dn 6.30
Mar 1,084.30 dn 7.10
