By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 29 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, retreating from overnight advances as a downturn in Chicago soyoil put some pressure on values.
A lack of significant weather concerns across Western Canada added to the softer tone in canola, with moderate showers in the forecast for Alberta and parts of Saskatchewan.
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 to 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.
About 4,000 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Jul 896.30 unchanged
Nov 883.10 dn 7.50
Jan 889.30 dn 8.00
Mar 896.10 dn 8.20
