By Dave Sims, Commodity News Service Canada
WINNIPEG, May 10 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly higher Thursday morning, as traders positioned themselves ahead of the release of the USDA’s monthly World Agricultural Supply and Demand estimates. The report includes stocks data and the first production estimate of the year. It will be released at 11:00 CDT.
Light gains in U.S. soybeans and soymeal were supportive for the front-month July contract.
Slow farmer selling and worries about excessively dry soil conditions in parts of the eastern Prairies underpinned the futures.
However, strength in the Canadian dollar weighed on canola.
The market was also undermined by steady seeding progress across Western Canada.
About 4,000 canola contracts had traded as of 10:30 CDT.
Prices in Canadian dollars per metric ton at 10:30 CDT:
