By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 18 – ICE Canada canola contracts were down Tuesday morning, breaking below nearby support levels as losses in CBOT soybeans and soyoil weighed on values.
Speculators were noted sellers, while farmer hedges were also thought to be coming forward as harvest operations start up across Western Canada.
The November contract fell below the C$480 per tonne level in early activity, which was bearish from a chart standpoint, according to participants.
However, ongoing uncertainty over the size of this year’s Canadian crop did help limit the losses to some extent. Statistics Canada releases its first survey-based production estimates of the year on Friday, August 21, and the crop is generally expected to be down on the year due to adverse weather during the growing season.
About 4,700 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:52 CDT:
