By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, finding some spillover support from gains in the Chicago Board of Trade soy complex.
A slightly weaker tone in the Canadian dollar to start the day, as the currency backed away from the two-year highs hit on Monday, was also supportive.
Positioning ahead of the United States Department of Agriculture’s monthly supply/demand report, out at 11:00 CST, was a feature. Any surprises in the data will likely dictate where the futures settle by the close. U.S. soybean and corn ending stocks estimates will be followed closely, with general expectations calling for downward revisions.
The canola market will be closed Wednesday for Remembrance Day, while U.S. markets will trade their usual hours. Positioning ahead of the closure could also lead to some price swings in canola.
About 4,000 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Jan 550.50 up 2.00
Mar 554.20 up 1.40
May 554.60 up 1.10
Jul 552.60 up 0.40
