By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – The ICE Futures canola market was posting small losses Thursday morning, although activity was thin and choppy as participants position themselves ahead of the latest United States Department of Agriculture supply/demand and production estimates.
The USDA data is set for release at 11:00 CDT, and should set the tone for the North American grain and oilseed markets. Traders will be watching closely to see how the government agency accounts for the uncertain soybean and corn acres in the country, as results of a resurvey won’t be released until August.
Early losses in Chicago Board of Trade soybeans ahead of the USDA numbers put some spillover pressure on canola. Improving moisture conditions in parts of Western Canada also weighed on values.
About 1,700 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Canola Nov 444.80 dn 1.00
Jan 451.90 dn 1.00
Mar 458.60 dn 0.90
May 464.10 dn 0.90