By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 19 – The ICE Futures Canada canola market was moving lower at midday Wednesday, following the losses seen in the Chicago soy complex, analysts said.
Follow-through selling, as Tuesday’s move below key support levels kept the market’s bias pointed lower, further undermined prices.
Reports of improving crop conditions for Canadian canola fields also weighed on the market, as did concerns about economic problems in China slowing demand from the country.
The losses were also linked to harvest pressure, as some farmers in Western Canada have begun combining canola and should start to sell their supplies soon, a broker noted.
However, ongoing uncertainty about the size of the upcoming Canadian canola crop kept some caution in the market. Statistics Canada releases its first survey-based projections on Friday, August 21, with pre-report estimates coming in at 12.5 million to 14.5 million tonnes, which compares with 15.6 million in 2014/15.
As of 10:46 CDT Wednesday, about 13,050 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CDT:
