By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small losses at midday Friday, seeing a modest correction as traders adjusted positions ahead of updated supply/demand estimates from the United States Department of Agriculture.
The USDA releases its monthly World Agriculture Supply and Demand Estimates (WASDE) report at 11:00 CST, with any surprises in the data likely to set the direction for the North American grains and oilseeds heading into the close. Adjustments to South American production estimates and U.S. ending stocks projections will be followed closely.
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Losses in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure in canola, although Malaysian palm oil was firmer overnight.
Supportive chart signals helped temper the declines in canola, with the May contract holding well above its 20-day moving average and the psychological C$600 per tonne level.
Statistics Canada releases planted acreage estimates on Monday, March 11, with average trade guesses expecting planted area intentions come in below the 22.1 million acres seeded in in 2023.
An estimated 21,800 canola contracts traded as of 10:23 CST.
Prices in Canadian dollars per metric tonne at 10:23 CST:
Canola May 603.70 dn 1.70
Jul 611.20 dn 2.10
Nov 617.60 dn 1.70
Jan 624.50 dn 0.40
