By Phil Franz-Warkentin, Commodity News Service Canada
December 10, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were mostly lower at midday Wednesday in choppy activity, as participants awaited the release of the USDA’s monthly supply/demand report later in the day.
The USDA report will provide updated ending stocks estimates for US soybeans, and could sway the agricultural markets one way or the other depending on the reaction to the numbers.
Aside from the US report, the canola market was reacting to a number of conflicting influences Wednesday morning.
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A weaker Canadian dollar, gains in CBOT soyoil, slow farmer selling, and improving technical signals were all said to be providing some support, according to participants.
On the other side, some analysts said canola was starting to look a little overbought after posting solid gains in recent days. Last week’s upward revision to Statistics Canada’s canola production estimate also remained a bearish factor in the background.
About 25,000 canola contracts had traded as of 10:41 CST.
Milling wheat, durum, and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CST:
