By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 18 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains at midday Monday, as the market recovered from earlier losses in thin and choppy trade.
Cold overnight temperatures in parts of Saskatchewan provided some underlying support for canola, although a broker said the frosts were likely too late to cause much damage to the fields still left to be harvested.
Gains in Chicago Board of Trade soybeans and a weaker tone in the Canadian dollar also provided some support.
Statistics Canada releases model-based production estimates on Tuesday, and positioning ahead of the report kept some caution in the futures as industry participants generally expect to see an upward revision from the survey-based canola crop estimate of 18.2 million tonnes.
CBOT soyoil was weaker at midday, putting some pressure on canola. Seasonal harvest pressure also kept a lid on the upside.
About 8,000 canola contracts had traded as of 10:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
