By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 28 (MarketsFarm) – The ICE Futures canola market held near unchanged in the most active months in light trade at midday Friday, as participants await the latest acreage estimates from the United States Department of Agriculture.
The USDA acreage and stocks reports will be released at 11:00 CDT and should provide direction for the final hours of trade.
While improving moisture conditions in parts of Western Canada put some pressure on values, more than enough areas of concern remain to keep some weather premiums in the canola market, according to participants.
The ICE canola market will be closed Monday for Canada Day, while U.S. markets will trade their usual hours. Positioning ahead of the Canadian long weekend was another feature in canola.
About 3,400 canola contracts traded as of 10:16 CDT.
Prices in Canadian dollars per metric tonne at 10:16 CDT:
Price Change
Canola Jul 439.80 dn 1.30
Nov 452.30 up 0.30
Jan 459.40 unchanged
Mar 466.10 unchanged
