By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 12 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were holding onto small gains at midday Wednesday, as traders await the release of the USDA’s monthly supply/demand report out later in the session.
The USDA releases its latest estimates at 11:00 CDT, and any surprises in the data could swing the market in the final hours of trade, according to participants.
In the meantime, canola found support from persistent weather concerns in parts of Western Canada where about 20 per cent of the canola harvest has been delayed by rain, snow, and cold temperatures, said a broker.
A lack of significant farmer hedges provided further support.
On the other side, a lack of significant export demand limited the upside. Canola was also testing chart resistance, with fund traders generally said to be keeping to the sidelines for the time being.
About 9,000 canola contracts had traded as of 10:24 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
