By Glen Hallick, Commodity News Service Canada
WINNIPEG, Feb. 21 (CNS Canada) – ICE Futures canola contracts were up Thursday morning as traders were looking to cover their short positions. This comes the day before the United States Department of Agriculture (USDA) releases its export report.
Canola futures Thursday morning gained about C$3 to C$4 per tonne, with the March contract rising to C$473.90 per tonne.
The USDA will be busy Thursday and Friday with a number of reports coming out. At the USDA’s Agriculture Outlook Forum today in Washington, D.C., officials will announce the department’s estimates for acreage.
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Then on Friday, the USDA will release several reports that had been backlogged due to the 35-day government shutdown that ended last month.
The soybean complex on the Chicago Board of Trade was up providing support for canola. The March soybean contract gained seven and half cents at US$9.11 per bushel.
The Canadian dollar was largely steady Wednesday morning at 75.89 U.S. cents.
About 5,500 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Mar 473.90 up 3.00
May 482.50 up 3.20
Jul 489.70 up 2.40
Nov 494.80 up 4.30
