By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 9 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Tuesday, awaiting monthly supply/demand estimates from the United States Department of Agriculture.
The World Agriculture Supply and Demand Estimates (WASDE) report is generally expected to show increases in both U.S. soybean yields and ending stocks, which would be bearish for the soy complex and in turn canola.
Any surprises in the data will likely dictate the direction the canola market takes by the close.
CBOT soybeans and soyoil were both softer ahead of the report. Malaysian palm oil was also lower overnight, although European rapeseed futures were up in the most active front months.
Tight canola supplies and the need to ration demand remained supportive for canola.
About 7,400 canola contracts traded as of 10:25 CST.
Prices in Canadian dollars per metric tonne at 10:25 CST:
Price Change
Canola Jan 977.80 up 0.40
Mar 954.30 dn 0.30
May 924.80 dn 0.70
Jul 886.00 dn 1.50
