By Phil Franz-Warkentin, Commodity News Service Canada
March 10, 2015
Winnipeg – ICE Canada canola contracts were chopping around both sides of unchanged Tuesday morning, lacking any clear direction in quiet activity ahead of the USDA’s monthly supply/demand report out later in the session.
The USDA’s monthly report will be released at 11:00 CDT, and should provide some direction for the North American grains and oilseeds, including canola.
In the meantime, a softer tone in CBOT soybeans and soyoil did put some pressure on canola, according to participants. The large South American soybean crop also remained a bearish influence in the background.
On the other side, the Canadian dollar was weaker Tuesday morning, which was supportive for crush margins and also makes exports more attractive to international buyers.
Monday’s bounce higher was also supportive from a chart standpoint, according to participants.
About 2,200 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:46 CDT:
