By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 12 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed at midday Monday in thin and choppy activity, as participants were reluctant to push values too far one way or the other ahead of the United States Department of Agriculture’s updated acreage and production estimates.
The USDA’s monthly report will include results of a resurvey of soybean and corn acres conducted in July. Yield and production numbers will also be followed closely, and should set the tone for the remainder of the trading session.
Chicago Board of Trade soybeans were slightly lower ahead of the USDA data, putting some spillover pressure on canola.
However, supportive technical signals kept canola underpinned after last week’s rally.
Reports of frost in some areas of the Peace River region overnight also provided some support.
About 4,600 canola contracts traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Canola Nov 454.10 unchanged
Jan 462.10 dn 0.50
Mar 469.10 dn 0.60
May 475.10 dn 0.70