By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 10 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses Wednesday morning in thin trade, as participants adjusted positions ahead of a number of key reports from the United States Department of Agriculture out on Friday.
Soybean futures at the Chicago Board of Trade were lower in early activity, which spilled into the canola market. A large jump in Malaysian palm oil stocks in December was also bearish for the oilseeds in general, with available supplies hitting their highest level in more than two years, according to reports.
Supportive technical signals helped temper the declines in the lightly traded canola market. A weaker tone in the Canadian dollar to start the day also helped underpin the futures.
About 800 canola contracts had traded as of 8:51 CST.
