By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 12 – ICE Canada canola contracts were holding onto small gains in most months Tuesday morning in quiet and choppy activity. Many participants were keeping to the sidelines ahead of a slew of USDA reports set to be released later in the day.
The USDA will release quarterly stocks, annual production, world supply/demand, and winter wheat data at 11:00 CST, and any surprises one way or the other in the numbers will likely determine how the futures settle for the day.
In the meantime, early advances in CBOT soyoil did lend some spillover support to canola, according to traders. Solid exporter and domestic crusher demand underpinned the market as well.
The Canadian dollar was slightly firmer in early activity, which was somewhat bearish for canola. However, the currency remains near some of its weakest levels relative to its US counterpart in twelve years.
About 2,500 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded.
