By Dave Sims, Commodity News Service Canada
WINNIPEG, October 9 – ICE Canada canola contracts were slightly stronger Friday morning as traders waited for the release of the USDA supply and demand report.
Traders were reluctant to push values too far one way or the other ahead of Monday’s Thanksgiving Day Holiday in Canada.
Soybeans were stronger which lent canola some support.
Commercial buying has been steady in recent days while farmer selling hasn’t been as aggressive as many expected.
Read Also
North American grain/oilseed review: Canola falls Friday
ICE Futures canola market was weaker on Friday, settling at its weakest levels in two weeks. Speculative selling was a…
However, the Canadian dollar was higher compared to its US counterpart which made canola less attractive to buyers in other countries.
Malaysian palm oil was sharply lower due to currency issues which was bearish for the market.
Trading is expected to be choppy throughout the day with the release of the USDA report (11:00 CT) expected to provide direction for the remainder of the session, according to an analyst.
Rain has delayed what’s left of the harvest across some parts of the Canadian Prairies. So far though, the yields have largely exceeded expectations.
About 3,300 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
