By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 7 (MarketsFarm) – ICE Futures canola contracts were lower at midday Wednesday, as the market has continued to wait for Monday’s supply and demand estimated from the United States Department of Agriculture (USDA).
A Winnipeg-based analyst said speculation has arisen that the long-awaited report won’t contain that many surprises and that the USDA’s estimated will be on the neutral side. Prices on the U.S. markets could shift 10 cents either way on Monday, he commented.
The analyst also noted volumes were a little higher at this time on Wednesday compared to Tuesday. Otherwise volumes are likely remain on the low side until October, when rolling out of the November contract will be well underway.
The 2019 canola harvest has begun, with a growing number of fields either swathed or combined, he said.
The Canadian dollar was lower at 75.14 U.S. cents, tempering the downward pressure.
Approximately 5,400 canola contracts were traded as of 10:26 CDT.
Prices in Canadian dollars per metric tonne at 10:26 CDT:
Price Change
Canola Nov 446.90 dn 1.10
Jan 455.00 dn 1.40
Mar 461.50 dn 1.90
May 467.60 dn 2.20
