By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 1 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Thursday morning, lacking any clear direction as the market saw some consolidation after Wednesday’s wide price swing.
Chicago Board of Trade soybeans and soyoil were also chopping around both sides of unchanged to start the day.
Continued strength in crude oil, after Wednesday’s rally, remained supportive for the commodity markets in general. However, the resulting firmer tone in the Canadian dollar was somewhat bearish for canola.
Statistics Canada releases its updated production estimates on December 6, and positioning ahead of that report is expected to be a feature in the upcoming days. Due to the lateness of this year’s Canadian harvest, the survey was conducted before the crop was entirely off. As a result, traders are uncertain just what to expect from the government agency.
About 5,000 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded.
