ICE canola posting early gains
The ICE Futures canola market was holding onto small gains Wednesday morning, seeing a modest recovery to start the day after Tuesday’s losses.
The United States Department of Agriculture is set to release its monthly supply/demand report at 11:00 CST, with any surprises in the data likely to set the tone for the North American grains and oilseeds, including canola, by the close.
The Chicago soy complex was mostly lower ahead of the report, putting some pressure on canola. However, European rapeseed futures were firm.
Solid crush margins and a softer tone in the Canadian dollar provided underlying support for canola.
About 8,500 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Canola Jan 887.20 up 3.00
Mar 883.50 up 1.40
May 885.70 up 0.70
Jul 887.70 up 1.00
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