WINNIPEG, Manitoba--The ICE Futures canola market settled with small losses on Thursday, retreating from early gains as losses in Chicago soybeans spilled over to weigh on values.
- Monthly supply/demand estimates from the United States Department of Agriculture did little to move the futures, with only minor revisions to the soybean balance sheets generally in line with trade expectations.
- However, Chicago soyoil turned lower after early gains, accounting for some selling pressure in the canola market.
- Escalating tensions in the Middle East remained a feature in the background, although market participants appeared to be largely ignoring the latest threats from U.S. President Donald Trump that Iran would be "hit very hard" tonight.
- Heavy rains in parts of Western Canada earlier this week continued to delay seeding operations, while overland flooding was also an issue in some areas.
