By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – The ICE Futures canola market was bouncing around both sides of unchanged early Monday, lacking any clear direction in thin and choppy trade.
Losses in Chicago Board of Trade soybeans and soyoil put some early pressure on canola, with general weakness in the outside financial and energy markets also weighing on values.
However, ideas that canola is looking oversold provided some support, according to participants. A weaker tone in the Canadian dollar also underpinned the futures.
Statistics Canada was scheduled to release the results of its acreage survey later this week, but the report has been delayed due to the COVID-19 pandemic.
About 5,500 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Price Change
Canola May 456.10 dn 0.10
Jul 463.30 dn 0.30
Nov 471.60 dn 0.10
Jan 478.90 up 0.90
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