By Glen Hallick, MarketsFarm
WINNIPEG, April 9 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to lower Thursday morning, as traders have been rolling out of their May contracts.
Chicago soyoil, European rapeseed and Malaysian palm oil were providing support.
The Canadian dollar was higher this morning at 71.56 U.S. cents, compared to Wednesday’s close of 71.26.
Statistics Canada said several of its agriculture reports have been postponed due to the COVID-19 pandemic. Among the reports included are the principal field crops area which was scheduled to be released April 24, and the stocks of principal field crops that was slated for May 7. A spokesperson said the agency has yet to determine when these reports will be released.
The United States Department of Agriculture releases its monthly supply and demand report today. Market expectations called for U.S. soybean and corn ending stocks to increase.
The markets will be closed on April 10 for Good Friday.
About 3,800 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola May 462.30 unchanged
Jul 467.20 dn 0.90
Nov 474.60 dn 1.10
Jan 481.00 dn 0.20