By Dave Sims, Commodity News Service Canada
WINNIPEG, September 2 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT Wednesday, in sympathy with the US soy complex.
“There’s some new lows in here and not a lot of support from outside markets,” an analyst said.
Malaysian palm oil and European rapeseed futures were both lower which added to the declines.
Yesterday’s market was lukewarm, said a trader, adding he felt it had pushed the technical bias in canola ever further to the downside.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
The harvest is picking up which could also be bringing some hedge pressure to bear, said the analyst.
However, the Canadian dollar was lower relative to its US counterpart which made canola more attractive on the international market.
There are ideas the crop may be oversold which has prompted some traders to look for bargains, according to a report.
Investors are also waiting to see Statistic Canada’s ending stocks report which is due out Thursday.
Around 11,000 contracts had traded as of 10:45 CDT,
Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
