By Terryn Shiells, Commodity News Service Canada
August 9, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mixed Friday morning, as trade was choppy amid positioning ahead of Monday’s USDA crop report, analysts said.
Some spill over support came from the gains seen in outside oilseed markets, including European rapeseed futures and the CBOT soybean complex.
There was also some buying seen that was linked to ideas that the market is oversold.
The need to keep a weather premium built into prices was bullish, as was the downswing in the value of the Canadian dollar.
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On the other side, forecasts calling for improving weather across western Canadian canola growing regions next week put downward pressure on values.
Talk that recent cooler temperatures may have extended the flowering period; therefore increasing the yield potential for the Canadian canola crop, was also bearish.
Activity was on the lighter side on Friday morning. As of 8:39 CDT, about 1,130 canola contracts had traded.
Barley futures were unchanged and untraded. Milling wheat and durum futures were also untraded, though the Exchange adjusted prices after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:39 CDT:
