By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept 23 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:33 CDT Tuesday, undermined by pressure from the advancing harvest in Western Canada, as weather conditions are very favourable this week.
The resulting increase in canola supplies, and pickup in farmer hedging, also weighed on prices, analysts said.
Spillover pressure from the weakness in Chicago soybean futures added to the bearish tone.
However, soyoil futures were stronger amid good commercial and export demand, which spilled over to underpin canola, traders said.
Ideas that canola fell too far, too fast, were also supportive, as was steady demand from crushers.
Activity has been “phenomenal” the past few days, but was slowing down a bit on Tuesday, according to a broker. As of 10:33 CDT Tuesday, about 12,965 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:33 CDT:
