By Phil Franz-Warkentin, Commodity News Service Canada
September 10, 2014
Winnipeg – ICE Canada canola contracts were posting small losses Wednesday morning in very thin activity.
Overnight declines in Malaysian palm oil, bearish technical signals, and expectations for a large US soybean crop all weighed on values, according to participants.
The USDA releases updated production estimates on Thursday, and positioning ahead of that report is expected to keep some caution in the grain and oilseed markets. CBOT soybeans were posting small advances in early trade, but soyoil was weaker.
Poor weather conditions across much of Western Canada, including snow and frost in parts of Alberta, were raising quality and yield concerns, which provided some underlying support for canola. However, the forecasts are turning more favourable for the next week.
About 400 canola contracts had traded as of 8:55 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 8:55 CDT:
