By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 10 (MarketsFarm) – The ICE Futures canola market was trading to both sides of unchanged at midday Friday, with the bias to the upside in the most active months as the market saw some consolidation ahead the United States Department of Agriculture’s monthly supply/demand report set for release at 11:00 CDT.
Ideas that Thursday’s selloff was overdone contributed to the firmer tone in the front months, according to participants.
While seasonal harvest pressure was starting to be felt in the market, declining crop prospects due to the drought earlier in the growing season remained supportive overall.
The Canadian dollar was firmer at midday, while the Chicago Board of Trade soy complex was mixed.
Any surprises in the USDA report will likely dictate where the futures move by the close.
About 13,300 canola contracts traded as of 10:15 CDT.
Prices in Canadian dollars per metric tonne at 10:15 CDT:
Price Change
Canola Nov 854.10 up 2.30
Jan 844.90 up 2.20
Mar 829.40 up 0.80
May 810.50 dn 1.00
