By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 28 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, continuing to correct off the nearby lows hit the previous week on ideas the selloff was overdone.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day, with gains in crude oil lending support to the vegetable oil markets.
Positioning ahead of looming acreage reports was a feature. The United States Department of Agriculture releases its latest planting estimates on June 30, with Statistics Canada set follow up with its own acreage numbers on July 5. The Canada Day and Independence Day holidays in between the two reports could also result in some volatility as participants move to the sidelines.
A lack of significant weather concerns across the Prairies tempered the upside.
About 5,200 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Jul 913.80 up 12.70
Nov 901.00 up 11.60
Jan 906.70 up 11.10
Mar 912.90 up 10.90
