By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 26 – Canola contracts on the ICE Futures Canada platform were firmer at 10:42 CDT Thursday, seeing a short covering bounce ahead of Friday’s Statistics Canada acreage report, traders said.
StatsCan will release its latest crop acreage estimates at 7:30 CDT Friday morning, with canola expected to come in anywhere from a million below or above their previous guess of 19.8 million acres.
Steady commercial demand, slow farmer selling, spillover support from soybeans and worries about wet weather causing some crop yellowing in parts of Western Canada were also bullish.
The July contract saw the largest gains, as traders worked to exit their positions ahead of its expiry, analysts said.
However, generally good conditions for the US soybean crop, strength in the Canadian dollar and weakness in Chicago soyoil futures were bearish.
As of 10:42 CDT Thursday, about 6,330 contracts had traded.
Milling wheat, barley and durum were untraded following slight price revisions after Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:42 CDT:
