By Phil Franz-Warkentin, Commodity News Service Canada
September 18, 2013
Winnipeg – ICE Canada canola contracts were holding within a dollar of unchanged Wednesday morning, lacking any clear direction as the market saw some consolidation.
A slightly softer tone in CBOT soybeans and other outside markets, including Malaysian palm oil, did put some pressure on canola values to start the day, according to participants.
The ongoing harvest in Western Canada, with expectations mounting for a record canola crop of over 16 million tonnes, weighed on prices as well.
However, end user demand kept canola well supported as the commodity is said to be looking attractively priced at current levels.
Chart support was also holding to the downside, according to traders.
About 3,500 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded, after seeing some adjustments following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CDT:
