By Phil Franz-Warkentin, Commodity News Service Canada
August 12, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at midday Tuesday, although activity was on the quiet side as participants were awaiting the release of the USDA’s production report at 11:00 CDT.
Expectations are for a bearish reading as far as soybeans are concerned, and the resulting losses in the CBOT soy complex kept canola under pressure as well, according to participants. Depending on the reaction to the actual numbers, analysts cautioned that canola could see some large price swings later in the session.
Bearish technicals contributed to the early declines, although canola was still holding well within its recent trading range.
On the other side, uncertainty over the size of the Canadian crop was somewhat supportive, as was a continued lack of significant farmer selling.
About 3,400 canola contracts had traded as of 10:33 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:33 CDT:
