By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 10 (MarketsFarm) – The ICE Futures canola market was posting small gains in most months Wednesday morning, although activity was thin and choppy as traders looked for some fresh direction.
The United States Department of Agriculture releases updated supply/demand data on Thursday, and pre-report positioning is expected in the North American grains and oilseeds. Traders will be watching closely to see how the government agency accounts for the uncertain soybean and corn acres in the country, as results of a resurvey won’t be released until August.
Chicago Board of Trade soybean and soyoil futures were posting small gains in early activity.
Many dry areas of Western Canada received much needed rain recently, putting some pressure on values.
Large old crop supplies and the ongoing trade dispute with China also limited the upside.
About 2,500 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Nov 448.80 unchanged
Jan 456.30 up 0.80
Mar 462.80 up 0.90
May 468.30 up 0.80
