By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 25 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, although prices were backing away from their overnight highs as the Chicago Board of Trade soy complex turned mixed.
Persistent Prairie weather concerns provided underlying support, with hot temperatures and only minimal precipitation in the forecasts over the next week.
Statistics Canada releases updated acreage estimates on June 29, while the United States Department of Agriculture will put out its own estimates the following day. Positioning ahead of the reports was expected to account for some activity.
The Canadian dollar was stronger Friday morning, tempering the upside in canola somewhat.
About 7,200 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Jul 798.50 up 9.40
Nov 749.00 up 10.40
Jan 747.00 up 8.20
Mar 738.90 up 6.00
