Canada
April 24, 2014
Source: Syngenta Canada
Winnipeg canola futures contracts were higher on Thursday after seeing a bit of a recovery as the market reacted to Statistics Canada's first acreage estimates of the year.
Farmers intend to plant 19.8 million acres of canola in 2014, versus 19.9 million in 2013, according to the StatsCan planting intentions report. Most traders and industry participants had been forecasting an increase of at least a million acres, so the fact that farmers were basically unchanged in their intentions provided a boost for the futures.
Canola continues to remain cheap compared to other oilseeds and oversold price sentiment provided some further support for the futures, according to participants.
On the other side, Canada's large old crop canola supplies continue to weigh on the market. A relatively softer tone in the CBOT soy complex for most of the session also limited the upside potential in canola.
May canola gained $6.00 to close at $452.40. July gained $5.40 to $460.10. November gained $3.70 to end at $473.60.
Milling wheat, durum and barley futures were untraded and unchanged, after settling with some price changes following Wednesday’s close.
May wheat closed at $217.00 and July at $216.00. May and July durum closed at $250.00. May barley closed at 139.50 and July barley closed at $140.50.
Source : DePutter Publishing Ltd.
Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.
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