By Dave Sims, Commodity News Service Canada
WINNIPEG, August 11 – Canola contracts on the ICE Futures Canada platform were mixed amid volatile trading Monday morning following similar activity with Chicago soybeans.
Near-term values were higher while investors took profits on the more-deferred contracts.
Traders were positioning themselves ahead of the release of the USDA crop report which is due out Tuesday morning, according to an analyst.
Robust commercial demand and sluggish farmer selling were bullish.
European rapeseed futures and soymeal were higher which provided underlying support while Malaysian palm oil and Chicago soyoil were both lower which pressured values.
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Analysts are predicting larger-than-previously forecast supplies of US soybeans, which was bearish.
The Canadian dollar was up against its US counterpart, which helped push values lower.
Favourable weather forecasts for the US soybean crop this week were bearish.
Trading is expected to be on the lighter side between now and the release of the USDA’s monthly crop report, according to analysts.
About 550 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:
