By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – The ICE Futures canola market was posting small gains Tuesday morning in quiet trade. Positioning ahead of acreage estimates from the United States Department of Agriculture out at 11:00 CDT accounted for some of the activity.
Any surprises in the USDA acreage and stocks numbers should set the tone for the remainder of the session. Chicago Board of Trade soybeans were firmer in early activity, while soyoil was a bit softer in the most active months.
Weather concerns in parts of Western Canada helped underpin the canola market, with the extent of the damage caused by recent heavy rains in western Manitoba/eastern Saskatchewan still being assessed.
Canadian markets will be closed Wednesday for Canada Day, while U.S. markets will close Friday ahead of the July 4, Independence Day. Holiday trade may lead to volatility in the markets as participants move to the sidelines.
About 1,200 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Canola Jul 474.40 up 0.30
Nov 474.50 up 0.80
Jan 480.60 up 1.00
Mar 485.70 up 1.00
Futures Prices as of June 30, 2020
Prices are in Canadian dollars per metric ton