By Dave Sims, Commodity News Service Canada
WINNIPEG, September 4 – Canola contracts on the ICE Futures Canada platform were lower Thursday morning in sympathy with US soybeans and under pressure from a strengthening Canadian dollar.
This week’s outlook by the USDA for the soybean crop in the US points to a record large harvest which continues to drag down values.
Traders will likely begin to position themselves for the release of tomorrow’s StatsCan ending stocks report, which could make any breaks to the upside difficult.
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However, technical support is holding to the downside with some traders saying canola was looking oversold.
Malaysian palm oil, CBOT soyoil and European rapeseed were higher which limited the losses.
Concerns about wet weather in parts of Western Canada and a drop in temperatures was also supportive, according to a report
About 2,200 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 416.50 dn 1.90
Jan 422.50 dn 1.70
Mar 428.80 dn 2.10
Milling Wheat Oct 197.00 unch
Dec 203.00 unch
Durum Oct 250.00 unch
Dec 256.00 unch
Barley Oct 125.00 unch
Dec 127.00 unch
