By Jade Markus, Commodity News Service Canada
WINNIPEG, March 9 – ICE Canada canola contracts were mixed, but mostly unchanged, at midday on Thursday, in positioning ahead of data due out later in the day.
The United States Department of Agriculture is set to release its World Agricultural Supply and Demand Estimates at 11:00 a.m. CST.
“I think there are quite a few traders siting on their hands, waiting to see what the USDA comes out with today,” said one Winnipeg-based trader.
Investors expect the report to reflect Brazil’s large production, which could pressure US soybeans, and in turn canola.
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“Old-crop, new-crop also seems to be a feature here this morning,” the trader said.
May and July contracts were stronger than November, he added, as the market expects a lot of canola to be seeded this year.
“Sounds like Canadian farmers don’t really have that many other profitable options, other than canola,” he said.
About 6,765 contracts had traded as of 10:16 a.m. CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:16 a.m. CST:
