By Phil Franz-Warkentin, MarketsFarm
WINNIPEG – The ICE Futures canola market was posting small losses Wednesday morning, with speculative profit-taking behind some of the activity.
The United States Department of Agriculture is set to release its monthly supply/demand estimates later in the day, with investors showing an unwillingness to push values too far one way or the other ahead of the report. Any surprises in the data will likely set the stage for the remainder of the trading session, with U.S. stocks and South American production numbers being watched closely.
The Chicago soy complex was mixed ahead of the report, providing little direction for canola. European rapeseed was mixed, while Malaysian palm oil moved higher in overnight trade.
About 5,700 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Canola Mar 830.20 dn 2.30
May 828.60 dn 1.60
Jul 828.00 dn 2.40
Nov 808.30 dn 1.90
