By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 26 (CNS Canada) – ICE Futures Canada canola contracts were weaker Thursday morning, as the market continued to back away from nearby highs amid ideas it’s looking expensive compared to other oilseeds.
Statistics Canada releases its first survey-based acreage projections of the year on Friday, and pre-report positioning was a feature. Industry participants expect to see record-large canola area well above the previous record 23 million acre crop seeded in 2017.
Warm temperatures across Western Canada were also bearish, as the better weather helps ease concerns over the late spring.
However, CBOT soybean futures were higher to start the day, which provided some spillover support. Recent weakness in the Canadian dollar also underpinned the futures.
About 5,000 canola contracts had traded as of 9:01 CDT.
