By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, seeing a profit-taking correction ahead of the weekend after setting fresh contract highs in recent sessions.
The underlying fundamentals of tight old crop supplies and solid end-user demand remained supportive, but canola was thought to be due for a correction from a chart-standpoint.
Early losses in Chicago Board of Trade soybeans and soyoil contributed to the softer tone in canola, although soyoil was turning mixed by midsession.
Statistics Canada releases its first survey-based acreage estimates on April 27. General expectations are for an increase in seeded canola area from the 20.8 million acres planted in 2020, but agronomic factors and competition with other crops may limit the extent of the increase.
About 13,300 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola May 868.90 dn 8.70
Jul 820.70 dn 11.00
Nov 689.90 dn 4.10
Jan 688.10 dn 1.40
