By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 5 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were posting small losses in most months at midday Monday, with positioning ahead of Tuesday’s Statistics Canada production report behind some of the activity.
Traders are generally expecting canola production to come in above the 18.4 million tonnes grown in 2015/16, but whether or not the StatsCan numbers will confirm those ideas remains to be seen as the late harvest and timing of the survey will likely raise questions with the official number.
While gains in Chicago Board of Trade soybeans did provide some underlying support, the soyoil market ran into resistance in the US.
Crush margins remain very wide, which was keeping domestic processors on the buy side, according to participants. A winter storm set to hit the Canadian Prairies was also expected to cause a slow-down in farmer selling.
About 21,000 canola contracts had traded as of 10:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
