ICE canola bouncing around ahead of USDA report

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Aug. 10, 2018 (CNS Canada) – ICE Futures
canola contracts were jumping around in trade Friday morning,
ahead of the latest United States Department of Agriculture
(USDA) reports.
Chicago Board of Trade soybeans and meal contracts were
down, while soyoil contracts were higher.
The USDA releases its crop production and global supply and
demand reports later this morning. Trading is expected to be
choppy or even lackluster all morning awaiting the reports.
The USDA report gives the first in-field estimates of corn
and soy production for the year. It is expected that it will
determine the market direction for the upcoming week.
The ongoing heat wave in Western Canada is still keeping a
weather premium in the markets. There is concern the hot weather
could affect yields.
About 1,000 canola contracts had traded as of 8:31 CDT
Friday morning.

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