By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 9 – ICE Canada canola contracts were posting small losses Monday morning, in thin and choppy trade as the market was lacking any clear direction.
The USDA releases its latest monthly supply/demand report on Tuesday, and participants on both sides of the border were squaring positions ahead of the report. The US soy complex was narrowly mixed in early activity, which did little to move canola one way or the other.
Meanwhile, the Canadian dollar was showing some modest strength, putting some pressure on canola values, according to participants.
Canola remains stuck within its well established sideways trading range, with little in the charts to warrant a break one way or the other, according to analysts.
About 6,000 canola contracts had traded as of 8:57 CST.
Milling wheat, durum, and barley futures were all untraded.
