By Dave Sims, Commodity News Service Canada
WINNIPEG, Aug. 10 (CNS) – Canola contracts on the ICE Futures platform were slightly higher at midday Friday, as traders prepared for the release of a major agricultural report.
The United States Department of Agriculture is set to release its monthly supply and demand estimates at 11:00 am CDT. There are expectations the report could feature a larger number for U.S. soybeans, which would be bearish for oilseeds in general.
Western Canada continues to stay locked in a heatwave that is stressing canola plants, which was bearish.
The technical bias remains pointed higher.
However, losses in the U.S. soy complex weighed on values.
There are some ideas that canola is overbought.
About 3,200 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
