By Marlo Glass, MarketsFarm
WINNIPEG, June 30 – ICE Futures canola contracts were mixed at midday Tuesday, ahead of the seeded acreage report from the United States Department of Agriculture (USDA) released at 11:00 CDT.
Weakness in the July contract was attributed to low trading activity as the contract nears its expiry date.
Slight losses in Chicago’s soy complex also prevented further gains for new crop canola contracts. Nearby soyoil contracts were lower by a fraction of a cent at midday.
Strength in the Canadian dollar also kept a lid on canola values. The dollar was around 73.5 United States cents at midday.
Approximately 8,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Jul 464.60 dn 9.50
Nov 473.50 unchanged
Jan 479.80 up 0.20
May 485.00 up 0.30