By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Tuesday morning, lacking any clear direction as participants squared positions ahead of the United States Department of Agriculture’s monthly supply/demand report.
The USDA will release its report at 11:00 CDT, with any surprises in the data likely to set the tone for the futures markets for the remainder of the session. Updated ending stocks and South American production estimates will be followed closely.
Losses in European rapeseed futures accounted for some spillover selling pressure in the canola market. However, Chicago soyoil and Malaysian palm oil were both higher on the day.
About 10,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola May 774.80 up 0.80
Jul 751.70 dn 1.60
Nov 717.50 dn 3.00
Jan 717.50 dn 6.20
