By Jade Markus, Commodity News Service Canada
WINNIPEG, July 12 – ICE Canada canola contracts were stronger at midday on Tuesday, tracking advances in soybeans ahead of data from the United States Department of Agriculture (USDA).
The USDA is set to release its Crop Production and World Agricultural Supply and Demand Estimates at 11:00 CDT.
“These oilseed markets are firmer, but they’re pretty quiet,” said one Winnipeg-based trader.
He added that weather will have a bigger impact on prices, but traders don’t want to turn their focus until the reports have come out, and the market has built in fresh acreage and stocks numbers.
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“Markets are going to be a bit jittery about that, and jittery markets tend to want to stay fairly firm,” he said.
Areas in the Prairies are too wet, which could cause some crop loss, but for the most part, US crops look good, he said.
The Canadian dollar advanced against its US counterpart at midday on Tuesday, which limited gains in canola.
Malaysian palm oil closed weaker overnight.
About 4,973 contracts had traded as of 10:35 CDT.
Milling wheat was untraded and unchanged, while durum and barley moved lower.
