By Dave Sims, Commodity News Service Canada
WINNIPEG, October 4 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly weaker at 11:00 CDT on Wednesday, weighed down by speculative selling.
Seasonal harvest pressure contributed to the downside.
There are growing ideas that the USDA’s projection for a massive U.S. soybean harvest, which had been doubted by some, could be accurate.
“It’s looking more and more like maybe the crop (soybeans) is out there,” said a trader in Winnipeg. “The USDA may be pretty close.”
The Canadian dollar was holding steady just above the 80 US cent mark.
However, harvest delays in Western Canada helped prop up values.
The front-month contract was receiving technical support at the C$490 per tonne level.
About 8,000 canola contracts had traded as of 11:00 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 11:00 CDT:
