By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 30 (CNS Canada) – ICE Futures Canada canola contracts were holding onto small gains Wednesday morning, although activity was thin and choppy as participants show an unwillingness to push values too far one way or the other ahead of Thursday’s Statistics Canada production report.
The report will show the first survey-based estimates on the size of this year’s crop, with trade estimates ranging about a million tonnes to either side of the 18.4 million tonnes grown in 2016.
Tight old crop supplies, weakness in the Canadian dollar, and supportive technical signals all contributed to the early gains in canola, according to participants.
However, losses in the Chicago Board of Trade soy complex put some pressure on values. Mounting harvest pressure also kept a lid on the upside.
About 3,000 canola contracts had traded as of 8:49 CDT.
