ICE canola up slightly in choppy pre-report trading
WINNIPEG – Canola futures on the ICE Canada trading platform were slightly higher amid choppy activity ahead of the USDA’s planting projections and stocks report, due out at 11:00 CT Tuesday morning.
Recent weakness in the value of the Canadian dollar underpinned the market, as it made canola more attractive to international buyers.
Steady commercial demand and the need to keep weather premiums built into prices ahead of spring seeding were also bullish.
Some follow-through buying on Monday’s gains and strength in Chicago soybean futures were also supportive.
However, some spillover pressure came from the weakness in Chicago soyoil, Malaysian palm oil and European rapeseed futures, limiting the advances.
The large global oilseed supply situation and expectations that the USDA will show record large soybean acreage in the US this spring were also bearish.
As of 10:22 CDT Tuesday, about 6,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:22 CDT:
