By Terryn Shiells, Commodity News Service Canada
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mixed at 10:58 CDT Wednesday, with the three front months moving lower and more deferred values moving higher. The mixed activity was linked to spreading between nearby and deferred contracts, analysts said.
Some of the weakness was linked to the unwinding of long canola and short soybean oil spreads ahead of the Statistics Canada production report, due out at 7:30 CDT Thursday morning.
Spillover pressure from the softness in Chicago soybeans and good weather expected for oilseed crops in North America this week were also bearish.
On the other side, some support came from weakness in the value of the Canadian dollar and a lack of aggressive selling ahead of Thursday’s StatsCan report.
A lack of significant farmer selling as they wait for more attractive prices kept a firm floor under the market.
As of 10:58 CDT Wednesday, about 10,200 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:58 CDT:
