By Phil Franz-Warkentin, Commodity News Service Canada
September 30, 2014
Winnipeg – Canola contracts on the ICE Futures Canada were slightly weaker at midday Tuesday, although activity was thin and choppy.
Losses in CBOT soybeans and soyoil accounted for some spillover selling in canola, according to traders. However, continued weakness in the Canadian dollar was supportive on the other side.
“The canola market is just holding steady,” said a broker, noting that the movements in canola were subdued compared to those in the soy complex.
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The uncertainty over the size of the Canadian canola crop was keeping some caution in the market as well, with yield reports highly variable across the Prairies, said the broker.
The USDA releases updated quarterly stocks data later in the day, and any reaction in the US markets to the report could provide some additional direction for canola for the remainder of the session.
Statistics Canada releases updated production estimates on Friday, October 3, and positioning ahead of that report should be a feature over the next few days as well.
About 9,000 canola contracts had traded as of 10:33 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:33 CDT:
