By Dave Sims, Commodity News Service Canada
WINNIPEG, October 9 – Canola contracts on the ICE Futures Canada platform were lower at 10:55 CDT Thursday on choppy trading, as investors evened positions before the release of Friday’s USDA monthly crop production and supply/demand report.
Spreading continues to be a feature, an analyst said. He noted some speculators were rolling their short positions out of November and into January.
“We’ve seen some producer selling coming into the market too,” he said.
Harvest continues to advance across the Prairies which also pushed values lower. European rapeseed was also down.
The Canadian dollar was lower, which provided some support to values. Soybeans were higher which was also supportive.
“We’re not looking for massive swings,” the trader noted due to the pending release of the USDA report. However, he cautioned choppy, whippy action could still be a feature.
Around 24,000 contracts had traded as of 10:55 CDT, Thursday.
Prices in Canadian dollars per metric ton at 10:55 CDT:
