By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 10 (MarketsFarm) – The ICE Futures canola market holding steady Tuesday morning, lacking any clear direction. The futures were seeing some consolidation after their recent declines.
Early strength in the Chicago Board of Trade soy complex provided some spillover support for canola. Overnight gains in European rapeseed futures and a steady tone in the Canadian dollar, after its recent strength, also underpinned canola.
Mounting harvest pressure did keep a lid on the upside, although cool and wet conditions were causing delays in some areas.
Statistics Canada and the United States Department of Agriculture are both set to release updated production estimates on Thursday.
About 2,000 canola contracts had traded as of 8:31 CDT.
Prices in Canadian dollars per metric ton at 8:31 CDT:
Canola Nov 439.80 unchanged
Jan 447.60 dn 0.10
Mar 455.70 up 0.80
May 462.10 up 0.70