By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was narrowly mixed Monday morning, as traders squared positions ahead of monthly supply/demand estimates from the United States Department of Agriculture.
Any surprises in the data will likely set the tone ahead of the close, with updated yield and production estimates for the developing U.S crops to be released at 11:00 CDT.
The Chicago soy complex was weaker ahead of the report, accounting for some spillover selling pressure in canola. European rapeseed was also down on the day, while Malaysian palm oil was showing some strength.
Ongoing uncertainty over Western Canadian crop conditions kept some caution in the market, although end user demand remained lacklustre despite ideas that canola was looking cheap compared to other oilseeds.
An estimated 32,200 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola Nov 592.00 dn 0.10
Jan 601.60 up 0.30
Mar 609.00 up 0.60
May 617.80 up 0.90
