By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – The ICE Futures canola market was holding onto small gains Tuesday morning, although activity was thin and choppy as participants were awaiting the latest supply/demand numbers from the United States Department of Agriculture.
The USDA releases its monthly report at 11:00 CDT, with the first estimates on 2020/21 U.S. ending stocks likely to set the tone for the agricultural commodities by the close.
Soybean futures at the Chicago Board of Trade were holding steady in early activity, providing little direction for canola. The Canadian dollar was also largely unchanged.
Relatively favourable weather conditions across Western Canada should be allowing farmers to make some progress harvesting the last of the 2019 crop while also getting started on seeding the 2020 crop.
About 2,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Jul 472.60 up 1.30
Nov 477.60 up 0.80
Jan 483.90 up 1.10
Mar 489.80 up 1.20
