By Glen Hallick, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading either side of steady in early activity Wednesday morning.
With dryness continuing on parts of the Prairies, the markets have been keeping a weather premium on canola. Also, wet conditions in the United States has slowed soybean planting, which has been supportive.
Limited canola exports, ample canola supplies, and a large global supply of soybeans have been weighing on values.
The U.S. Department of Agriculture released its monthly World Agriculture Supply and Demand Estimates on Tuesday, which included data on Canada. The USDA lowered its projection from May for the Canadian corn crop by nine per cent to 14.0 million tonnes. The reduction was due to wet conditions in Eastern Canada. Also, the USDA kept its estimate of Canada’s wheat production at 34.50 million tonnes.
About 3,800 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jul 455.10 dn 0.40
Nov 465.20 dn 0.40
Jan 471.40 up 0.30
Mar 476.90 up 0.30
