By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, although activity was choppy as investors awaited the latest monthly supply/demand report from the United States Department of Agriculture.
The World Agriculture Supply and Demand Estimates (WASDE) report is set for release at 11:00 CST. General expectations call for downward revisions to both U.S. soybean and corn ending stocks in the report, with any surprises in the data likely to influence activity in the grains and oilseeds ahead of the close.
Chicago Board of Trade soyoil futures were higher ahead of the report, which provided some spillover support for canola. Ongoing concerns over tight canola supplies and the need to ration demand going forward also underpinned the market.
However, scale-up farmer selling and ideas canola was looking overdone to the upside did temper the advances to some extent.
About 11,700 canola contracts traded as of 10:26 CST.
Prices in Canadian dollars per metric tonne at 10:26 CST:
Price Change
Canola May 797.90 up 1.80
Jul 756.00 up 0.40
Nov 626.70 up 4.50
Jan 630.50 up 5.20
