By Dave Sims, Commodity News Service Canada
WINNIPEG, September 5 – Canola contracts on the ICE Futures Canada platform were higher Friday morning after Statistics Canada projected old crop ending stocks of 2.4 million metric tonnes, at the low end of industry expectations.
Chicago soybean futures were stronger which was bullish for canola values, traders said.
Continued wet weather across much of Western Canada sparked concern over potential harvest delays, which was supportive.
The net fund short position was anywhere from 40,000 to 50,000 contracts, setting the stage for a potential bounce, said an analyst.
The expected record large US bean harvest is limiting the gains, as is a volatile vegetable oil market that is leaning to the downside, traders said.
CBOT soyoil was lower which also dragged down canola, participants said.
About 2,400 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
