By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 15 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed at midday Monday, although the bias was slightly higher in the most active months.
“We’re stuck going nowhere,” said a canola trader on the range-bound activity.
Gains in Chicago Board of Trade soybeans and a weaker tone in the Canadian dollar provided some support at midday, while losses in soyoil tempered any upside potential.
Trade tensions with China remained a bearish influence in the market, according to the trader.
Statistics Canada releases its first survey-based acreage estimates of the year on April 24, and positioning ahead of the numbers was a feature. Traders generally expect the canola area to be down from the 22.8 million acres seeded in 2018, but the extent of the decline remains to be seen.
About 15,000 canola contracts traded as of 10:42 CDT, with spreading a feature as participants continued to roll out of the nearby May contract.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola May 456.80 up 0.50
Jul 464.80 up 0.20
Nov 475.30 up 0.30
Jan 482.20 up 0.70