By Phil Franz-Warkentin, Commodity News Service Canada
June 11, 2014
Winnipeg – ICE Canada canola contracts were weaker Wednesday morning in quiet trade, as participants were awaiting some fresh direction from the monthly USDA report out later in the morning.
CBOT soybeans and soyoil were mostly weaker ahead of the 11:00 CDT USDA report, which spilled over to put some pressure on the canola market.
Relatively favourable crop conditions across Western Canada, a firmer tone in the Canadian dollar, and bearish technical signals contributed to the declines.
However, there remains some uncertainty over unseeded acres in parts of Western Canada, which did provide some support.
Scale-down end user demand, together with a lack of significant farmer selling, helped temper the declines as well, according to participants.
About 2,100 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
