By Dave Sims, Commodity News Service Canada
WINNIPEG, November 10 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CST Tuesday, in sympathy with the US soy complex.
Traders were positioning themselves ahead of the release of the USDA’s monthly supply/demand estimates. The report is expected to be made public at 11:00 CT and show a larger soybean crop than previously forecast.
“There’s no big expectations for this report but it has a history of creating some action,” said an analyst.
Read Also
North American Grain/Oilseed Review: Canola rises, down day for grains
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Friday despite weakness in most comparable…
Traders may also be hesitant to push things too far one way or the other with the Remembrance Day holiday on Wednesday. US markets will remain open while Canadian ones are closed.
However, Malaysian palm oil and European rapeseed futures were stronger which helped limit the losses.
Chinese buying continues to underpin the market, said the analyst.
Weather problems in South America continue to hamper development of some soybean crops which was also bullish for canola, according to a report.
Around 6,800 contracts had traded as of 10:35 CST,
Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CST:
