By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 9 (MarketsFarm) – ICE Futures canola contracts were holding within a dollar or so of unchanged Tuesday morning, lacking any clear direction as traders were reluctant to push values too far one way or the other ahead of the United States Department of Agriculture’s monthly supply/demand report out later in the day.
Market participants will be watching the World Agriculture Supply and Demand Estimates (WASDE) for an update on U.S. ending stocks forecasts, as well as South American production estimates.
Soybean futures at the Chicago Board of Trade were holding steady ahead of the data, providing little direction for canola.
Ongoing uncertainty over Chinese demand remained a bearish influence in the background.
About 2,400 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Mar 455.10 up 0.60
May 462.80 up 0.20
Jul 475.40 dn 0.40
Nov 481.00 dn 1.20
