By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 24 (MarketsFarm) – The ICE Futures canola market was steady to lower at midday Monday, although activity was thin and choppy.
Rains across the Prairies over the weekend had speculators taking some of the weather premium out of the market, while also encouraging some farmer selling, according to a broker.
Positioning ahead of Statistics Canada’s acreage estimate on June 26 was a feature. General expectations are for a decline in the canola number from earlier estimates, but the extent of the revision remains to be seen.
Chicago Board of Trade soybeans were firmer at midday, providing some spillover support for canola.
About 11,000 canola contracts traded as of 10:54 CDT. The July/November spread was a feature as participants exit the front month.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Canola Jul 453.00 dn 0.40
Nov 466.40 dn 0.90
Jan 473.40 dn 1.20
Mar 479.70 dn 1.50