ICE canola down early ahead of USDA report

Reading Time: < 1 minute

Published: December 9, 2015

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Dec. 9 – ICE Canada canola contracts were posting small losses Wednesday morning, seeing a modest correction after moving higher earlier in the week.

Losses in CBOT soyoil and a firmer tone in the Canadian dollar both contributed to the early declines in canola, according to participants.

The large supplies overhanging the market were also said to be weighing on values, with the recent run-up likely bringing in some more farmer selling.

However, early gains in CBOT soybeans did provide some underlying support. The Canadian dollar also still remains at its lowest levels in 11 years, despite today’s modest correction, which his helping keep crush margins well supported.

The USDA’s latest supply/demand report is out at 11:00 CST, and positioning ahead of the data is expected to keep some caution in the futures on both sides of the border until after the release.

About 2,700 canola contracts had traded as of 8:55 CST.

Milling wheat, durum, and barley futures were all untraded.

About the author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications