By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 4 (CNS Canada) – ICE Futures Canada canola contracts were stronger Monday morning, taking some direction from the early advances in Chicago Board of Trade soybeans.
Weather concerns in parts of Argentina accounted for some of the buying interest in soybeans that spilled into the canola market. A move by the United States Senate to approve a new tax bill over the weekend was also lending some support to the commodity markets in general, according to participants.
Statistics Canada releases its final production estimates of the year on Wednesday, December 6, and positioning ahead of the report is expected to be a feature. Most traders expect to see an upward revision to canola production from the previous report, but the extent of that revision remains to be seen.
The Canadian dollar was holding relatively steady in early activity.
About 5,000 canola contracts had traded as of 9:10 CST.
