WINNIPEG, Manitoba--The ICE Futures canola market was in positive momentum Monday morning on the heels of supportive data from Statistics Canada.
The agency reported earlier Monday that the seeded area for Canadian canola is expected to decrease by 3.1% from 2023-24 at 21.4 million acres due to lower prices and less soil moisture. Acres are expected to decline in Alberta and Saskatchewan, but they may rise in Manitoba.
Chicago soyoil, European rapeseed and Malaysian palm oil were also higher, bringing support to canola. However, crude oil prices were lower.
The Canadian dollar was down more than one-tenth of a U.S. cent compared with Friday's close.
Nearly 11,800 contracts were traded.
Prices in Canadian dollars per metric ton as of 8:43 a.m. CST:
Prices Change
Canola May 614.00 up 4.40
Jul 621.70 up 4.00
Nov 626.80 up 3.30
Jan 631.90 up 2.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-11-24 1012ET
