By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept 30 – Canola contracts on the ICE Futures Canada platform were weaker amid choppy activity Tuesday morning, as traders were squaring positions ahead of the USDA report stocks, due out at 11:00 CDT.
Much of the weakness was linked to spillover pressure from the declines seen in Chicago soybean and soyoil futures, analysts said.
Expectations of record large US soybean production and talk that Canadian canola crops are looking better than first anticipated also weighed on values.
However, some support came from unfavourable weather forecasts that could slow harvest progress in Western Canada this week.
The downswing in the value of the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
As of 8:47 CDT Tuesday, about 2,030 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
