Winnipeg Commodity Exchange canola futures were buoyed by US soyabean and soyaoil futures on Monday in a quiet session ahead of a key Statistics Canada report, traders said. Canola ended 50 cents to $5.70 per tonne higher, with July up $3 at $372 and November up $2.10 at $393.20.
Crush margins improved and crushers were seen buying canola as Chicago Board of Trade soya made gains, traders said, with scale-up hedges capping gains. Speculators sold early but funds were sidelined, traders said.
July soyabeans were up 7-1/4 US cents per bushel to US $8.04-1/4 and July soyabean oil was up 0.35 US cent per lb at 35.08 US cents. Position-evening was a feature ahead of Statistics Canada's planting estimates report slated for release on Tuesday.
Trade estimates for canola averaged 14.3 million acres and ranged from 13.8 million to 15.3 million acres. In March, farmers told Statscan they planned to seed 14.8 million acres of canola. Record plantings were 14.3 million acres in 1994. Last year, farmers planted 13.3 million acres. An estimated 2,834 July/November spreads traded from $21 to $21.50 and 83 November/January from $8.40 to $8.90.
Canola volume was an estimated 9,741 contracts, down from a total of 16,964 on Friday. In canola options, 250 November $430 calls traded at $7. Barley futures were mainly higher despite weak CBoT corn futures on commercial buying related to recent export deals and as long liquidation backed away, a trader said.
July barley was down 60 cents per tonne at $199 with October up $2.40 at $168.
Trade ideas for barley plantings averaged 11.5 million acres and ranged from 11.0 million to 12.3 million acres. In March, Statscan said farmers planned 10.8 million acres of barley, up from 9.5 million acres last year.
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