By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 31 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, with losses in the front months and a firmer tone in the new crop contracts.
Losses in Chicago Board of Trade soyoil futures put some pressure on canola. European rapeseed and Malaysian palm oil futures were also down in overnight trade.
However, a firm tone in soybeans and weakness in the Canadian dollar provided some underlying support.
The United States Department of Agriculture releases acreage and stocks data at 11:00 a.m. CDT, with positioning ahead of the reports keeping activity thin and choppy to start the day. Any surprises will likely dictate the direction the futures take by the close.
About 1,600 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric ton at 8:36 CDT:
Price Change
Canola May 1,132.60 dn 1.40
Jul 1,110.00 dn 0.70
Nov 964.90 up 3.50
Jan 964.20 up 3.00
