By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 30 – Canola contracts on the ICE Futures Canada platform were little changed amid choppy activity at 10:39 CDT Wednesday.
Some downward pressure came from the declines seen in outside oilseeds, including European rapeseed futures and the Chicago soy complex, analysts said.
Expectations of a very large 2014/15 US soybean crop and forecasts calling for improving weather in Western Canada this week were also bearish.
On the other side, the sharp downswing in the value of the Canadian dollar, which fell below 92 cents US, was supportive. The weaker loonie made canola more attractive to crushers and exporters.
Ongoing worries about flood damage in Western Canada and a lack of significant farmer selling after Tuesday’s losses were also bullish.
As of 10:39 CDT Wednesday, about 7,450 contracts had traded.
Milling wheat, barley and durum futures were untraded after the Exchange adjusted wheat values following Tuesday’s close.
Prices in Canadian dollars per metric ton at 10:39 CDT:
