By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The ICE Futures canola market was holding onto small gains Thursday morning, although activity was thin and choppy.
Improving Chinese trade sentiment helped underpin Chicago Board of Trade soybeans, with some of that buying interest spilling into the canola market. The recent move by China to lift its ban on Canadian beef and pork was also seen as a step in the right direction towards resolving the canola dispute.
Solid demand from domestic crushers and ideas that canola is looking cheap compared to other oilseeds were also supportive.
The United States Department of Agriculture releases its monthly supply/demand report on Friday, and positioning ahead of the report is expected to be a feature.
About 3,500 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Price Change
Canola Jan 462.90 up 0.50
Mar 472.50 up 0.80
May 480.50 unchanged
Jul 487.90 unchanged
