By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The ICE Futures canola market was steady to stronger on Friday morning, ahead of the World Agriculture Supply Demand Estimate (WASDE) from the United States Department of Agriculture (USDA) which will be released at 11 a.m. CST.
Trade expectations are split in regards to the WASDE’s soybean production. Some believe soybean production will be revised upward, given trends set by previous reports. However, some believe that troubling weather during harvest activity will cause production numbers to be revised downward.
Soyoil on the Chicago Board of trade was stronger at midday, providing spillover support for canola values.
The Canadian dollar slipped at midday, down to 75.6 U.S. cents.
About 7,400 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola Jan 461.70 up 0.60
Mar 471.20 up 0.70
May 479.60 up 0.40
Jul 486.80 up 0.20