By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 30 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday Thursday, retreating from earlier advances as a downturn in Chicago Board of Trade soyoil weighed on values.
The U.S. Environmental Protection Agency kept its biofuel targets for 2018 relatively unchanged on the year in an announcement Thursday morning. CBOT soyoil had been higher ahead of the announcement, but quickly dropped when there was no bullish surprise in the EPA targets.
However, weakness in the Canadian dollar provided underlying support for canola, with both exporters and domestic crushers continuing to show solid demand.
Statistics Canada releases its final production estimates of the year on December 6, and positioning ahead of that report remained a feature. Average trade estimates on the size of the canola crop come in at around 20 million tonnes.
About 12,000 canola contracts had traded as of 10:55 CST.
