By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – ICE Futures canola contracts were weaker Monday morning, although activity was thin and choppy.
Early weakness in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar contributed to the selling pressure in canola, according to participants.
Ongoing uncertainty over Chinese demand also remained a bearish influence in the background.
CBOT soybeans were holding steady Monday morning, providing some underlying support for canola. A lack of significant farmer selling pressure and expectations for reduced seeded canola acres this spring also provided some support.
The United States Department of Agriculture releases its monthly World Agriculture Supply and Demand Estimates (WASDE) report on Tuesday, April 9, and positioning ahead of the data is expected to be a feature in the North American markets.
About 2,400 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Mar 455.60 dn 1.80
May 464.00 dn 1.60
Jul 476.60 dn 2.20
Nov 483.10 dn 2.10
