By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 7 – Canola contracts on the ICE Futures Canada platform were weaker at midday Wednesday, as losses in CBOT soyoil put some pressure on values.
Recent strength in the Canadian dollar was also bearish for canola, although the currency was slightly softer at midsession.
Steady producer selling put some further pressure on values, although an analyst pointed out that commercial demand was there on the other side to cover any farmer sales and keep values relatively range-bound overall.
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Recent rainfall in Alberta and Saskatchewan is causing delays to the last portion of this year’s harvest, providing some further support for values, according to participants.
The USDA releases its latest monthly supply/demand report on Friday, and positioning ahead of the data was a feature in the North American agricultural futures. Canadian markets will be closed Monday, October 12, for Thanksgiving, and position evening ahead of the long weekend was also behind some of the activity in canola.
About 8,000 canola contracts had traded as of 10:58 CDT.
Milling wheat, durum, and barley were all untraded.
