By Glen Hallick, MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to retreat on Tuesday morning, following the release of the Statistics Canada acreage report.
The federal agency pegged planted canola acres for 2022/23 at nearly 21.42 million, falling within the range of trade projections. While an increase compared April’s estimate, it is 1.06 million acres less what was seeded in 2021/22. Total wheat area came in just short of 25.40 million, which is 2.04 million more acres planted than last year.
In outside markets, lower global crude oil prices were putting pressure on vegetable oils. European rapeseed pulled back, while Malaysian palm oil was narrowly mixed in its off session. Shortly after trading resumed at the Chicago Board of Trade following yesterday’s holiday, the soy complex continued its retreat.
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The Canadian dollar was weaker on Tuesday morning, due to a surging U.S. dollar. The loonie dropped to 76.85 U.S. cents, compared to Monday’s close of 77.72.
About 4,800 contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola Nov 820.80 dn 26.00
Jan 828.00 dn 25.80
Mar 835.30 dn 25.30
May 841.70 dn 24.60
