By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, seeing a continuation of Thursday’s corrective bounce as traders adjust positions ahead of the long weekend.
Canadian markets will be closed Monday for Canada Day, while markets in the U.S. will shut down Tuesday, July 4, for Independence Day.
Shifting weather forecasts ahead of the holidays were likely keeping some caution in the futures markets.
The Chicago soy complex was higher in early trade, providing spillover support for canola. The U.S. Department of Agriculture is set to release updated acreage and quarterly stocks numbers later in the day, with the potential for large price swings in the Chicago futures if there are any surprise in the data.
About 6,400 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Jul 729.20 unchanged
Nov 726.10 up 15.10
Jan 731.20 up 14.70
Mar 733.10 up 14.30
