By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 10 – ICE Canada canola contracts were narrowly mixed Tuesday morning in thin and choppy activity, as participants were awaiting the release of the USDA’s monthly supply/demand report later in the session.
The USDA is set to release its data at 11:00 CST, and any surprises in the numbers could provide the catalyst for a move one way or the other in canola.
CBOT soybean and soyoil futures were slightly weaker ahead of the report, which put some pressure on canola, according to traders.
Canola remains stuck within its well established sideways trading range, with little in the charts to warrant a break one way or the other, according to analysts.
Canadian markets will be closed Wednesday for Remembrance Day, while the US markets remain open, and some position evening north of the border was expected on Tuesday.
About 4,000 canola contracts had traded as of 8:52 CST.
Milling wheat, durum, and barley futures were all untraded.
