ICE canola down slightly awaiting USDA reports

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, June 29, 2018 (CNS Canada) – ICE Futures
Canada canola contracts were lower Friday morning, following the
release of Statistics Canada’s updated acreage numbers.
Trading will be choppy throughout the morning until the
United States Department of Agriculture (USDA) acreage and
stocks reports are released at 11 CDT.
Chicago Board of Trade soybeans were higher, trading in a
narrow range ahead of the USDA reports. Soyoil was also higher
while meal contracts were mixed.
Statistics Canada’s updated canola acreage came in at 22.7
million acres, which was in line with analysts’ predictions.
This was up from the March prediction of 21.4 million acres, but
still less than last year’s record acreage of 23 million acres.
About 6,900 canola contracts had traded as of 8:38 CDT.

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