By Glen Hallick, MarketsFarm
WINNIPEG, June 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to lower in early activity Monday morning.
Despite rain over most of the Prairies on the weekend, there remains something of a weather premium on bids. However that premium could dissipate as the forecast has called for more rain this week, which has weighed on values this morning.
The ongoing dispute between Canada and China has also weighed on values, along with the Canadian dollar. The loonie has gained strength on its United States counterpart. So far Monday morning, the loonie was at 75.55 U.S. cents.
Traders will be positioning for today’s crop progress report issued by the U.S. Department of Agriculture (USDA) this afternoon. Also, Statistics Canada issues its acreage report on Wednesday, as the does the USDA on Friday.
About 2,600 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Jul 453.20 dn 0.20
Nov 467.20 dn 0.10
Jan 474.00 dn 0.60
Mar 480.40 dn 0.80