ICE canola weaker at midday

Glacier FarmMedia — The ICE Futures canola market was weaker at midday Thursday, with positioning ahead of Friday’s Statistics Canada acreage report behind some of the activity.

Canola prices have trended higher since the planting intentions report was released in March, with many industry participants anticipating that farmers may have put more area to the crop than the initial 21.6-million-acre forecast.

Gains in Chicago soyoil provided some support for canola, but strength in the Canadian dollar was bearish for the oilseed.

The most-active November contract was still holding just above its 20-day moving average at midsession, which was supportive from a technical standpoint.

An estimated 32,700 canola contracts traded as of 10:45 CDT.

Prices in Canadian dollars per metric tonne at 10:45 CDT:

Canola            Jul   696.10    dn  1.70

Nov   711.50    dn  3.10

Jan   720.10    dn  2.90

Mar   727.70    dn  1.70