By Phil Franz-Warkentin, Commodity News Service Canada
September 17, 2014
Winnipeg – Canola contracts on the ICE Futures Canada were bouncing around both sides of unchanged on Wednesday, although the most active months were all lower at midsession.
Mounting harvest pressure, as weather conditions turn warmer and drier across the Canadian Prairies, contributed to the declines, according to participants. Yield reports are also indicating that the crop may be a little larger than earlier estimates.
Bearish technical signals, a firmer tone in the Canadian dollar, and spillover from the declines seen in CBOT soybeans weighed on canola as well.
However, CBOT soyoil was up on Wednesday which did provide some support for canola.
There is also still enough uncertainty over the size and quality of the canola crop to keep some weather premiums in the futures.
About 8,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:57 CDT:
