By Glen Hallick, MarketsFarm
WINNIPEG, July 25 (MarketsFarm) – ICE Futures canola contracts were steady at midday Thursday, without any strong direction to push prices either way.
“Canola prices have been fairly steady right around the C$450 area,” said a Winnipeg-based trader, noting the spreads at midday had widened a bit.
He said the markets will continue to wait for the August 12 report from the United States Department of Agriculture regarding its acreage estimates. That report will influence Chicago prices and spillover into canola.
Also, good weather on the Prairies over the last little while has changed canola crops. The trader said farmers have told him that their canola has gone from “terrible a couple of months ago to fantastic.”
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Earlier today, U.S. Agriculture Secretary Sonny Perdue announced the details of the US$16 billion dollar aid package for farmers hurt by the U.S./China trade war. The trader said the announcement has had little effect so far on Chicago prices for soybeans and corn.
Approximately 6,800 canola contracts were traded as of 10:21 CDT.
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Price Change
Canola Nov 450.10 dn 0.10
Jan 457.60 up 0.10
Mar 464.60 unchanged
May 470.30 up 0.20
