By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 5 (CNS Canada) – ICE Futures canola contracts were holding near unchanged at midday Wednesday, as frost worries in parts of the Prairies were countered by the bearish influence of the Chicago Board of Trade soybean market.
Overnight temperatures dipped below the freezing mark across areas of Alberta and Saskatchewan overnight, raising concerns over possible frost damage to unharvested canola.
Recent weakness in the Canadian dollar also remained supportive, according to participants.
However, losses in CBOT soybeans and soyoil put some pressure on canola, causing crush margins to take back some of their recent gains. Chart resistance and positioning ahead of Thursday’s Statistics Canada stocks report also weighed on values.
About 5,000 canola contracts traded as of 10:42 CDT.