By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 11 (MarketsFarm) -The ICE Futures canola market was posting small losses at midday Friday in thin and choppy trade as participants await the latest supply/demand estimates from the United States Department of Agriculture.
Updated production estimates and any revisions to carryout stock numbers will be followed closely when the USDA releases its reports at 11:00 CDT.
Chicago soybeans and soyoil were weaker ahead of the data, with European rapeseed and Malaysian palm oil also lower on the day.
A lack of any significant Prairie weather concerns remained a bearish influence on the canola market, although ideas that yields were hurt by hot and dry weather earlier in the growing season remained supportive.
About 9,700 canola contracts traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Canola Nov 770.80 dn 2.40
Jan 776.30 dn 2.30
Mar 779.10 dn 1.90
May 777.20 dn 2.30
