By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 12 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed Tuesday morning, seeing some consolidation after Monday’s move below nearby chart support.
The USDA releases its monthly supply/demand report at 11:00 CDT, and traders were reluctant to push values too far one way or the other ahead of the data.
Seasonal harvest pressure remained a bearish influence on canola, as farmers continue to make good progress across most of Western Canada. However, conditions are forecast to turn cooler and wetter later in the week, which may cause delays in some areas.
Solid end user demand and ideas that the recent losses are starting to look overdone provided some support as well.
The Canadian dollar was weaker Tuesday morning, which also helped underpin the canola market.
About 7,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
