By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 11 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed Thursday morning. Activity was thin and choppy as participants squared positions and moved to the sidelines ahead of a number of key reports from the United States Department of Agriculture out on Friday.
Traders are generally anticipating a bearish reading for soybeans in the USDA data, but the Chicago soy complex was narrowly mixed in early activity.
The Canadian dollar lost ground relative to its U.S. counterpart on Wednesday, moving back below 80 U.S. cents, and the weaker tone in the currency helped underpin canola. Supportive technical signals also kept some buying interest in the market.
About 1,100 canola contracts had traded as of 8:50 CST.
