By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, with intermonth spreading a feature as commercial traders adjusted their positions.
The nearby November contract held onto small gains at midday, but the more deferred positions were all lower.
Losses in Chicago Board of Trade soyoil put some pressure on values, although soymeal was higher.
Positioning ahead of Statistics Canada’s survey-based production estimates, set for release on Aug. 30, kept some caution in the market. Traders generally expect to see a decline in canola production compared to the 18.7 million tonnes grown in 2020, but the extent of the reduction remains to be seen with estimates ranging from 11.5 million to 16 million tonnes.
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About 10,000 canola contracts traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Price Change
Canola Nov 914.70 up 0.30
Jan 895.10 dn 2.50
Mar 866.30 dn 6.50
May 835.40 dn 10.90
