By Phil Franz-Warkentin, Commodity News Service Canada
October 9, 2014
Winnipeg – ICE Canada canola contracts were narrowly mixed Thursday morning, with positioning ahead of Friday’s USDA supply/demand report a feature.
Canola has seen some wide price swings over the past week, and was said to be due for some consolidation from a chart standpoint.
A slightly firmer tone in CBOT soybeans and overnight gains in Malaysian palm oil did provide some spillover support for the Canadian market, according to participants.
However, harvest pressure did remain a bearish influence overhanging the market, especially as many industry participants remain of the opinion that actual canola production will still end up above earlier expectations.
The Canadian dollar was holding steady Thursday morning, providing little direction for canola.
About 8,500 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CDT:
