By Dave Sims, Commodity News Service Canada
WINNIPEG, October 8 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT Wednesday, with traders taking profits on the heels of Monday’s sharp advances.
“Now the sellers are coming back in on the rally, to take advantage of the rally.” said an analyst. He noted some traders just wanted to get money in the bank before the release of Friday’s USDA monthly crop production and supply/demand report.
“You may see some pressure rebuild on the markets going into those reports now from traders who don’t want to get caught the other way,” he said.
Values were also pushed down in sympathy with the US soy complex.
The Canadian dollar was weaker against its American counterpart which supported prices.
Wet weather has set in across parts of North America which was also supportive.
However, harvest efforts are still advancing across Western Canada which limited the gains.
Around 11,500 contracts had traded as of 10:45 CDT, Wednesday.
Prices in Canadian dollars per metric ton at 10:45 CDT:
