By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 31 (MarketsFarm) – ICE Futures canola contracts were stronger Wednesday morning, recovering from overnight losses as market participants adjusted positions ahead of a pair of much-anticipated reports from the United States Department of Agriculture.
The USDA will release its first survey-based acreage estimates for the 2021 growing season at 11:00 a.m. CDT. Quarterly stocks data will also be out at that time, and any surprises in the reports should provide direction for the grains and oilseeds. General expectations are for an increase in U.S. soybean and corn acres on the year.
Chicago Board of Trade soybeans and soyoil futures were stronger in early activity, providing some underlying support for canola.
However, the Canadian dollar was also firmer to start the day, which put some pressure on the canola market.
About 6,200 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola May 728.10 up 1.00
Jul 690.80 up 3.10
Nov 595.70 up 6.10
Jan 598.90 up 6.20
