By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 12 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were holding relatively steady at Thursday, in thin trade as participants awaited the release of the US Department of Agriculture’s monthly supply/demand report at 11:00 CST.
Traders generally expect the report to show a slight decline in the US soybean ending stocks forecast, but traders were showing a reluctance to push values too far one way or the other until after the data is released.
Expectations for large South American soybean crops kept a bearish tone in the oilseeds in general, including canola, according to participants.
Strength in the Canadian dollar also weighed on canola values.
However, solid end user demand did provide underlying support, as crush margins remain at wide levels. A lack of farmer selling was also noted, as severe winter weather conditions across much of the Prairies limited country movement.
About 5,600 canola contracts had traded as of 10:29 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
