By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 9 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Wednesday morning, as markets reacted to the US election and awaited the USDA’s latest supply/demand data.
Financial markets were roiled by the US election outcome, which saw Donald Trump win the presidency. The Canadian dollar was down sharply, which was supportive for canola. Soybeans were initially down in overnight activity as well, but were back to unchanged Wednesday morning.
Beyond the election-related positioning, the grain and oilseed markets are also awaiting the USDA’s monthly supply/demand report which is due out at 11:00 CST.
Improved Canadian harvest weather and good South American planting conditions were weighing somewhat on prices, according to participants.
About 3,500 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded.
