By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 26 (CNS Canada) – ICE Futures Canada canola contracts were firmer at midday Tuesday, seeing some consolidation ahead of a number of key reports due out later in the week.
“Weather is a bit of a concern,” said a broker. While growing conditions are generally favourable across Western Canada, continued heat and dryness in a number of areas were providing underlying support.
Statistics Canada and the United States Department of Agriculture both release acreage estimates on Friday, and positioning ahead of the reports accounted for some of the activity, according to a broker. Both Canadian canola and U.S. soybean acres are generally expected to be up from earlier estimates.
Global trade issues kept some caution in the background of the agricultural markets. The Canadian dollar was slightly weaker at midday.
About 11,500 canola contracts had traded as of 10:46 CDT. The July/November spread was a feature as participants continue to roll their positions out of the front month.
