By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 11 (CNS Canada) – ICE Futures canola contracts were weaker at midday Thursday, although activity was choppy as traders awaited the United States Department of Agriculture’s latest production and stocks data.
The USDA report will be out at 11:00 CDT, with most market participants expecting to see upward revisions to soybean and corn yields.
Forecasts calling for improving harvest weather in Western Canada added to the softer tone, while the nearby technical signals have also turned lower.
However, there are still enough areas of concern across the Prairies to keep some weather premiums in the market.
About 7,000 canola contracts traded as of 10:27 CDT.
