ICE canola down as U.S. soybeans fall, bearish acreage data

On June 29, the Canadian rapeseed futures market of the Intercontinental Exchange (ICE) closed down on Wednesday, with the benchmark period closing down by about 1.90%, because the latest acreage data released by Statistics Canada was negative, and the Chicago soybean and finished product markets fell .

According to the latest sown area report released by Statistics Canada, the canola planted area in Canada is expected to be 22.082 million acres in 2023, a year-on-year increase of 3%, higher than the market expectation of 21.8 million acres.

Chicago soybean oil and European rapeseed prices fell sharply, which is also unfavorable to the market.