By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 5 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains Tuesday morning, seeing some consolidation ahead of Wednesday’s Statistics Canada crop production report.
Most traders expect to see an upward revision to canola production from earlier estimates, but the extent of that revision remains to be seen. Average trade guesses on the size of the canola crop come in at just over 20 million tonnes, which would compare with the September estimate of 19.7 million and the year-ago level of 19.6 million.
Gains in Chicago Board of Trade soybeans provided some underlying support for canola, according to participants.
However, the Canadian dollar was also firmer in early activity, which put some pressure on canola values.
About 11,000 canola contracts had traded as of 8:55 CST.
