By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 10 (MarketsFarm) – The ICE Futures canola market was stronger at midday on Friday, ahead of the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA).
The WASDE is expected to show soybean ending stocks to be lower than initially reported at 424 million bushels. That’s about 50 million bushels lower than what was reported in December. Tightened soybean supplies would be bullish for canola values.
The Canadian dollar was relatively weaker, providing further support for canola prices. At 76.6 U.S. cents, the dollar lost about half of a cent on the week.
About 12,000 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 484.60 up 1.40
May 493.50 up 1.30
Jul 498.00 up 1.00
Nov 498.40 unch
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