By Terryn Shiells, Commodity News Service Canada
September 11, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly firmer at 10:41 CDT Wednesday, as some of the buying seen in Chicago soyoil spilled over to support canola.
Some commercial buying ahead of Thursday’s USDA crop production report, as canola is looking more attractively priced compared to other oilseeds, further underpinned values, brokers said.
However, pressure from the advancing harvest in Western Canada and continued expectations that the Canadian canola crop will be record large limited the upside.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to foreign buyers.
Activity has been choppy throughout the day, as traders are wary of pushing the market too far one way or the other ahead of Thursday’s USDA report.
As of 10:41 CDT Wednesday, about 13,165 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Tuesday.
Prices in Canadian dollars per metric ton at 10:41 CDT:
