By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 24 (MarketsFarm) – The ICE Futures canola market was mixed Wednesday morning, with only the nearby July contract posting gains as traders continue to exit the front month ahead of its expiry.
The market was steady to lower in the more active new crop months, with losses in Chicago Board of Trade soyoil accounted for some spillover selling pressure.
Chart resistance to the upside also put some pressure on values from a technical standpoint.
Positioning ahead of next week’s acreage reports from Statistics Canada and the United States Department of Agriculture should be a feature over the next few trading sessions. General expectations are for a downward revision to the 20.6 million acre canola crop predicted in an earlier report.
Weather conditions remain mixed across the Prairies, with excessive moisture continuing to cause problems in northern Alberta, while parts of Saskatchewan and Manitoba could use some rain.
About 5,700 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Jul 476.30 up 3.00
Nov 473.90 dn 0.40
Jan 479.70 dn 0.60
Mar 485.10 dn 0.60
