By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 29 (MarketsFarm) – The ICE Futures canola market was mostly higher Thursday morning, with only the nearby July contract posting losses as traders exit the front month ahead of its expiry.
Chart-based positioning was behind some of the early buying interest in canola, amid ideas Wednesday’s losses were overdone.
While the 22.1 million seeded acres of canola reported by Statistics Canada on Wednesday came in above average trade expectations, weather conditions through the growing season will have a greater influence on actual production.
Gains in the Chicago soy complex provided spillover support, with Malaysian palm oil also firmer on the day. However, European rapeseed was slightly softer in most months.
About 6,800 canola contracts traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Canola Jul 707.00 dn 4.00
Nov 707.50 up 7.00
Jan 713.90 up 6.90
Mar 716.50 up 7.20
