Intercontinental Exchange (ICE) canola futures were higher Tuesday morning, after trading resumed following the Victoria Day long weekend.
Support for canola was spilling over from gains in Chicago soyoil and soymeal, as well as European rapeseed and Malaysian palm oil. Chicago soybeans turned a pinch lower. Global crude oil prices were relatively steady, providing little direction to veg oils.
The eastern Prairies were forecast to receive several days of dry weather, which should result in a bounce in seeded acres this week. There won't be any relief any time soon for the drought conditions across southern Alberta and western Saskatchewan.
Alberta reported Friday that spring planting was almost halfway complete.
Also on late Friday afternoon, Agriculture and Agri-Food Canada issued its monthly supply and demand estimates. Based on the Statistics Canada planting intentions report, AAFC reduced its forecast on 2022/23 canola production from 20.20 million tonnes to 17.95 million. Total wheat production was raised from 31.16 million tonnes to 31.60 million.
The Canadian dollar was higher Tuesday morning with the loonie at 78.15 U.S. cents, compared to Friday's close of 77.95.
About 1,600 canola contracts had traded as of 9:35 ET.
Prices in Canadian dollars per metric tonne at 9:35 ET:
Price Change
Canola
Jul 1,175.20 up 3.90 Nov 1,060.00 up 1.30 Jan 1,065.60 up 0.20 Mar 1,066.20 up 0.20
(END) Dow Jones Newswires
05-24-22 1000ET
