By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 29 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses at midday Friday, showing little reaction to Statistics Canada’s acreage estimates out in the morning.
The government agency pegged canola seedings at 22.7 million acres, which was well above the earlier estimate of 21.4 million but in line with trade guesses and still about 250,000 acres below the record area seeded in 2017.
Improving moisture conditions across Western Canada put some pressure on values, as traders square positions ahead of the long weekend. Canadian markets will be closed Monday for Canada Day, while markets in the United States will remain open.
The U.S. Department of Agriculture releases its own acreage estimates at 11:00 CDT, and any surprises in the data could sway the agricultural markets. Quarterly U.S. stocks data will also be released.
About 3,500 canola contracts had traded as of 10:26 CDT.
