By Glen Hallick, MarketsFarm
WINNIPEG, June 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mostly lower in early activity Tuesday morning.
A weather forecast of rain this week for the Prairies, and a stronger Canadian dollar has weighed on values. This morning, the loonie was around 76.00 U.S. cents.
Despite rain this past weekend across much of the Prairies, a weather premium has remained for canola.
In the run up to this week’s G20 Summit there is hope that progress can be made with China on the Canadian and United States trade fronts.
Statistics Canada releases its crop area report tomorrow morning. The average trade guesses have projected canola acres to be 20.7 million acres, down by a half million from April’s report.
The U.S. Department of Agriculture is scheduled to release its crop area and grain stocks reports on Friday.
About 2,800 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Canola Jul 451.00 dn 1.10
Nov 463.40 dn 1.70
Jan 470.30 dn 1.60
Mar 479.10 up 0.60
Commodity Future Prices
Prices are in Canadian dollars per metric ton