By Phil Franz-Warkentin, MarketsFarm
WINNIPEG–The ICE Futures canola market was mixed Tuesday morning, with gains in the nearby contracts and losses in the more deferred positions.
The United States Department of Agriculture releases its monthly supply/demand report at 11 CST, and positioning ahead of the data kept some caution in the market in early activity.
General expectations are for downward revisions to U.S. and world soybean ending stocks projections, with any surprises likely to lead to volatility in the futures. Chicago Board of Trade soybeans were firmer to start the day, but soyoil was lower.
Tightening canola stocks and the need to ration demand going forward remained a major supportive influence for canola.
However, overbought price sentiment and scale-up farmer selling did put some pressure on values.
About 4,900 canola contracts had traded as of 8:33 CST.
Prices in Canadian dollars per metric ton at 8:33 CST:
Canola Mar 674.60 up 1.80
May 658.20 unchanged
Jul 643.00 dn 0.10
Nov 546.00 dn 0.50