By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 26 (MarketsFarm) – The ICE Futures canola market was mostly higher Friday morning, although activity was thin and choppy ahead of the weekend.
Statistics Canada releases updated acreage estimates on Monday, June 29, and pre-report positioning accounted for some of the activity. Traders generally expect canola area will come in below the 20.6 million tonnes forecast in May, but the extent of the revision remains to be seen. There are also questions over how much area was lost to excessive moisture in northern Alberta, and whether or not any reductions there will show up in the June report.
Chicago Board of Trade soybeans and soyoil were softer in early activity, which put some pressure on canola. However, recent weakness in the Canadian dollar was supportive.
About 5,400 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Jul 472.50 up 0.40
Nov 469.90 up 0.80
Jan 475.60 up 0.30
Mar 480.10 dn 0.50
