By Marlo Glass, MarketsFarm
WINNIPEG, June 29 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, starting the week on a positive tone after marginal weakness last week.
Statistics Canada released a principal crops acreage estimate this morning, pegging 2020 canola area at 20.78 million acres. That was on the higher end of trade expectations, but below last year’s crop.
Slight gains in Chicago’s soy complex was supportive of canola values. Nearby soyoil contracts were higher by about a tenth of a cent at midday.
Weakness in the Canadian dollar also propped up canola values. The dollar was under 73 United States cents at midday.
Approximately 8,000 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Jul 473.80 up 3.30
Nov 470.30 up 1.80
Jan 476.10 up 1.60
May 481.20 up 1.60