By Phil Franz-Warkentin, Commodity News Service Canada
November 6, 2013
Winnipeg – ICE Canada canola contracts were holding near unchanged Wednesday morning, lacking any clear direction as the market awaited some fresh fundamental news.
The USDA will release its first supply/demand report in two months on Friday, and traders were generally said to be showing some caution ahead of the data. While CBOT soybeans were a little higher Wednesday morning, soyoil was softer.
For canola, a continued lack of significant farmer selling and steady end user demand helped underpin the futures.
On the other side, a firmer tone in the Canadian dollar did put some pressure on values. The expectations that the USDA will confirm upward revisions to the US soybean crop in Friday’s report were also bearish.
About 1,500 canola contracts had traded as of 8:46 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat did see some price adjustments following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:46 CST:
