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ICE Canola Inches Higher Ahead of StatsCan Report

WINNIPEG, MB, Dec. 5, 2017 (CNS Canada), Dec 05, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, December 5 (CNS) - Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST on Tuesday, tracking gains in U.S. soybeans.

Traders were positioning themselves ahead of tomorrow's production forecast from Statistics Canada. Canola remains locked in a fairly narrow trading range but analysts say that could easily change after tomorrow's estimates are released.

Many South American soybeans fields could use more rain, which was supportive.

However, losses in vegetable oil were bearish for the market.

Recent strength in the Canadian dollar continues to make canola less attractive to international customers.

About 10,600 canola contracts had traded as of 10:35 CST.

Prices in Canadian dollars per metric ton at 10:35 CST:

                          Price      Change
Canola            Jan     509.60    up  2.00
                  Mar     518.30    up  1.90
                  May     524.60    up  2.30

Dave Sims, Commodity News Service Canada

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