By Phil Franz-Warkentin, Commodity News Service Canada
October 31, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading within a narrowly mixed range at 10:48 CDT Thursday, lacking any clear direction in choppy activity.
Declines in CBOT soybeans put some spillover pressure on canola, according to participants. A firmer tone in the Canadian dollar was also bearish for prices.
Three weeks worth of export data released by the USDA this morning highlighted the strong demand seen for both US corn and soybeans recently, but the numbers did little to move prices as the business was already priced into the futures, said a broker.
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Steady commercial demand did help underpin canola. The lack of significant farmer selling also served to keep the market rangebound overall.
With little fresh news to provide direction, positioning ahead of the November 8 USDA supply/demand report is expected to remain a feature in the grains and oilseed over the next week.
About 9,000 canola contracts had traded as of 10:48 CDT.
Milling wheat, durum, and barley futures were untraded on Thursday, after wheat saw some adjustments following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:48 CDT:
