By Terryn Shiells, Commodity News Service Canada
September 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:20 CDT Thursday, as traders were being cautious ahead of the 11:00 CDT release of the USDA’s latest crop production report.
Some of the price softness was linked to spillover pressure from the losses seen in Chicago soybeans, industry watchers said.
Pressure from advancing harvest activities in Western Canada and reports of record large yields in many areas added to the bearish tone.
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Forecasts calling for beneficial weather for harvesting in Western Canada, which reduces the risk of frost damage for the crop, further undermined values.
However, some commercial buying ahead of the USDA report, as canola is more attractively priced than other oilseeds, limited the losses.
Rumours of fresh export demand from China were also bullish for canola, though nothing has been confirmed, traders said.
As of 10:20 CDT Thursday, about 10,360 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 10:20 CDT:
