By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 12 (CNS Canada) – ICE Futures canola contracts were holding near unchanged at midday Thursday, seeing some consolidation after dropping sharply earlier in the week.
The United States Department of Agriculture releases its latest monthly supply/demand report at 11:00 CDT, and any surprises in the data could dictate where canola ends up by the close.
Ongoing global trade uncertainty remained a bearish influence in the background, as the U.S. and China threaten more tariffs against each other.
While there are some areas of concern across the Prairies, crop conditions remain relatively favourable overall.
Steady commercial demand provided underlying support, as end users took advantage of the recent declines to book some coverage.
About 7,300 canola contracts had traded as of 10:30 CDT.
