By Phil Franz-Warkentin, Commodity News Service Canada
October 8, 2014
Winnipeg – ICE Canada canola contracts were posting small losses Wednesday morning, although activity was thin and choppy.
Light profit-taking following Monday’s rally continued to put some pressure on values, after the canola market was unable to hold onto follow-through advances on Tuesday.
However, the nearby technical bias has shifted higher, and analysts said canola could be seeing some consolidation at current levels.
The US soy complex was providing little direction to start the day, with soybeans and soyoil both chopping around unchanged in overnight activity as well. Expectations for a record large US soybean crop do continue to weigh on oilseed values overall, although possible harvest-delaying weather in some parts of the Midwest was somewhat supportive.
About 3,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:45 CDT:
