By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 27 (CNS Canada) – ICE Futures Canada canola contracts were mixed Tuesday morning, with gains in the front months and a softer tone in the more deferred positions.
Activity was thin and choppy, as traders were showing a reluctance to push values too far one way or the other ahead of the United States Department of Agriculture’s acreage estimates due out on Thursday.
Expectations are for record-large U.S. soybean acres this year. Canada’s canola crop is also expected to be up on the year, with Statistics Canada’s first survey-based acreage estimates out at the end of April.
Chicago Board of Trade soybeans were slightly higher in early activity, while soyoil futures were lower.
About 2,400 canola contracts had traded as of 8:57 CDT.
