By Glen Hallick, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower at midday Thursday, due to the very timely rains received in the eastern Prairies. There were some gains for the much more deferred, less traded positions.
A Winnipeg-based trader noted the amounts of rain varied, with a path of two to three inches across southern Manitoba, but other areas outside of that strip receiving scant amounts.
“But there’s next to nothing for subsoil moisture,” the trader warned as more rain will be needed in the coming weeks.
Just ahead of the United States Department of Agriculture releasing its June supply and demand estimates, the trader said there was some nervousness in the markets. However, he expects little in the way of major surprises in the report that’s out at 11 am Central.
Canola was getting little direction from Chicago soyoil which was narrowly mixed, but there were moderate gains in soybeans and soymeal. There were small declines for European rapeseed and Malaysian palm oil.
The Canadian dollar was relatively steady, with the loonie at 82.64 U.S. cents compared to Wednesday’s close of 82.68.
Approximately 16,500 canola contracts were traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Canola Jul 854.10 dn 9.90
Nov 757.20 dn 6.00
Jan 757.60 dn 4.90
Mar 755.00 dn 3.90
Futures Prices as of June 10, 2021
Prices are in Canadian dollars per metric ton