By Dave Sims, Commodity News Service Canada
WINNIPEG–Canola contracts on the ICE Futures Canada platform were mixed Friday morning, as the market showed little reaction to Statistics Canada’s latest acreage estimates.
According to the report, 20.2 million acres of canola was planted, which was above last year’s total of 19.93 million acres and also slightly above pre-season estimates. Analysts say it’s tough to know how much will actually get harvested however as wet conditions in Manitoba and Saskatchewan mean farmers will walk away from some acres.
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The Canadian dollar was relatively steady on Wednesday. The loonie closed at US$0.7250 or US$1=C$1.3794, compared to US$0.7252 or US$1=C$1.3789…
The July contract remains lower on profit taking while the more deferred values remain higher.
The technical bias is neutral to slightly bearish, according to an analyst.
The soy complex is generally lower with some mixed values in wheat.
Trading is expected to be volatile going forward in the lead-up to the release of the USDA report on Monday.
The Canadian dollar continues to climb against its US counterpart and is now over the 93.5 US cent mark, weighing on values.
About 1,200 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
