By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 8 (CNS Canada) – ICE Futures canola contracts were weaker at midday Thursday, although activity was thin and choppy as participants await the release of the United States Department of Agriculture’s latest supply/demand estimates.
Expectations that the USDA report at 11:00 CST will be bearish for Chicago Board of Trade soybeans kept that market under pressure, with some selling spilling into canola, according to a broker.
Large supplies of canola in the commercial pipeline also weighed on prices, with end users only showing interest on a scale-down basis.
The Canadian dollar was steady, providing little direction.
However, chart support was holding to the downside for the time being.
About 3,500 canola contracts traded as of 10:23 CST.
