By Phil Franz-Warkentin, Commodity News Service Canada
August 28, 2013
Winnipeg – ICE Canada canola contracts were weaker Wednesday morning, after trading to both sides of unchanged in choppy overnight activity.
Expectations for a record large Canadian canola crop remain a bearish influence overhanging the futures, according to participants. Increased farmer selling, as producers start to make more harvest progress, also weighed on values.
However, uncertainty over the state of the US soybean crop remains a supportive feature in the oilseed markets, and concerns over adverse weather conditions across the US Midwest helped limit the losses in canola, said traders. CBOT soybeans were trading to both sides of unchanged in overnight activity.
From a technical standpoint, canola was said to be due for some consolidation after climbing sharply on Monday and then taking back some of those advances on Tuesday.
About 4,400 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:46 CDT:
