Canola weaker at midday Monday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, June 24 (MarketsFarm) – The ICE Futures canola market was steady to lower at midday Monday, although activity was thin and choppy.
Rains across the Prairies over the weekend had speculators taking some of the weather premium out of the market, while also encouraging some farmer selling, according to a broker.
Positioning ahead of Statistics Canada’s acreage estimate on June 26 was a feature. General expectations are for a decline in the canola number from earlier estimates, but the extent of the revision remains to be seen.
Chicago Board of Trade soybeans were firmer at midday, providing some spillover support for canola.
About 11,000 canola contracts traded as of 10:54 CDT. The July/November spread was a feature as participants exit the front month.

Prices in Canadian dollars per metric tonne at 10:54 CDT:

Price Change
Canola Jul 453.00 dn 0.40
Nov 466.40 dn 0.90
Jan 473.40 dn 1.20
Mar 479.70 dn 1.50

Futures Prices as of June 24, 2019

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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