By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 8 (CNS Canada) – ICE Futures Canada canola contracts were holding within a dollar of unchanged Wednesday morning, lacking any clear direction as traders keep to the sidelines ahead of Thursday’s monthly U.S. Department of Agriculture report.
The report will give a clearer picture on the size of the U.S. soybean crop, which could dictate the nearby direction in the North American oilseed markets.
Soybean and soyoil futures at the Chicago Board of Trade were posting small gains Wednesday morning, providing some underlying support for canola.
However, the Canadian dollar was firmer in early activity, which weighed on values.
About 3,500 canola contracts had traded as of 8:50 CST.