By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – The ICE Futures canola market was holding near unchanged Friday morning, in thin and choppy as participants await the latest United States of Department Agriculture production and supply/demand reports out later in the day.
The USDA releases its monthly reports at 11:00 CST, with any surprises in the data likely set the tone for the remainder of the session. Average pre-report guesses are calling for a slight downward revision in U.S. soybean yields from the previous estimate of 46.9 bushels per acre.
Solid demand from domestic crushers and ideas that canola is looking cheap compared to other oilseeds were also supportive.
About 3,000 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Canola Jan 461.20 unchanged
Mar 470.60 up 0.10
May 479.30 up 0.10
Jul 486.80 up 0.20
Commodity Future Prices
Prices are in Canadian dollars per metric ton