By Glen Hallick, MarketsFarm
WINNIPEG, August 12 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady Monday morning, ahead of the United States Department of Agriculture (USDA) releasing its long-awaited supply and demand report today at 11 am CDT.
Since the end of June, market analysts have touted the World Agricultural Supply and Demand Estimates (WASDE) to have a credible estimate of planted acres in the U.S., especially for corn, soybeans and prevent planting.
Following last week’s gains, the technical bias for canola has swung to the upside.
While there remains something of a weather premium due to dry conditions across the Prairies, crop conditions are still considered favourable.
The Canadian dollar was steady, with the loonie at 75.60 U.S. cents.
About 1,900 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Canola Nov 454.30 up 0.20
Jan 462.70 up 0.10
Mar 469.90 up 0.20
May 476.10 up 0.30