By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – The ICE Futures canola market was mostly lower Thursday morning, although activity was thin and choppy as participants await a number of reports out of the United States.
The U.S. Department of Agriculture is set to release updated acreage and quarterly stocks data at 11:00 a.m. CDT, with any surprises in the reports likely to dictate the direction of the grains and oilseeds ahead of the close.
Soybeans and soyoil at the Chicago Board of Trade were lower at the start of the day session after moving higher overnight. Malaysian palm oil was also mostly lower, while European rapeseed futures were stronger.
Canadian markets will be closed Friday for Canada Day, while the U.S. celebrates Independence Day on Monday. Positioning ahead of the weekend and possibility of shifting weather forecasts before trade resumes next week was another feature.
About 3,000 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Canola Jul 928.90 up 29.80
Nov 880.10 dn 12.00
Jan 885.60 dn 13.70
Mar 889.70 dn 16.10
