By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 9 (CNS Canada) – ICE Futures Canada canola contracts posted small gains Thursday morning in thin trade, as participants await the release of the U.S. Department of Agriculture’s supply/demand report later in the day.
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. Traders are generally anticipating a downward revision to the U.S. soybean yields.
Soybean futures at the Chicago Board of Trade were posting small gains ahead of the report, but soyoil was down. The Canadian dollar was holding near unchanged, providing little direction.
About 4,000 canola contracts had traded as of 8:55 CST.
