By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 29 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses Friday morning, although activity was thin and choppy as traders awaited the release of a number of USDA reports later in the session.
The USDA is set to release its quarterly stocks and small grains reports at 11:00 CDT, with any surprises in that data likely to sway the North American futures, including canola, in the final hours of trade.
In the meantime, seasonal harvest pressure remained a bearish influence in the canola market. Farmers delivered about half a million tonnes of the oilseed into the commercial pipeline during the past week, according to the latest Canadian Grain Commission data.
However, forecasts calling for cool and wet harvest-delaying weather in parts of Western Canada provided some underlying support. Solid end-user demand and the recent weakness in the Canadian dollar were also supportive, according to participants.
About 3,100 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded.
