By Dave Sims, Commodity News Service Canada
WINNIPEG, October 12 – Canola contracts on the ICE Futures Canada platform were lower at 10:23 CDT on Thursday, as traders positioned themselves ahead of the USDA supply and demand report. The report is scheduled to be released at 11:00 CDT.
The report is generally expected to raise yield estimates for the U.S. soybean crop, which would be bearish for canola. The front-month contract has been stuck in a range of C$490 to C$500 per tonne for the past few weeks but there are ideas this report could change that.
Losses in U.S. soyoil undermined the market.
Weather conditions in late-harvest regions of the western Prairies are improving, raising hopes farmers may be able to get the last of the crop off.
On the other side, gains in U.S. soybeans were supportive for canola.
Slow farmer selling and gains in Malaysian palm oil futures helped prop up values.
About 8,000 canola contracts had traded as of 10:23 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:23 CDT: