By Phil Franz-Warkentin, Commodity News Service Canada
September 30, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were posting small losses in most months at 10:30 CDT Monday, as losses in the CBOT soy complex spilled over to weigh on values.
The advancing Canadian harvest and expectations for upward revisions to the size of the canola crop when Statistics Canada releases is latest production report on Friday, added to the softer tone in canola. Many market participants are forecasting a record 16 million tonne-plus canola crop.
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A firmer tone in the Canadian dollar, which was up by about a quarter cent relative to its US counterpart, also put some pressure on canola.
However, canola was lagging soybeans to the downside, as solid end user demand provided some support. Domestic crushers were noted buyers.
The USDA releases its quarterly stocks report at 11:00 CDT, and positioning ahead of the report kept some caution in the futures.
About 11,000 canola contracts had traded as of 10:30 CDT.
Milling wheat, durum, and barley futures were untraded on Monday after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 10:30 CDT:
