By Dave Sims, Commodity News Service Canada
WINNIPEG, September 29 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:23 CDT on Friday, as traders positioned themselves ahead of the USDA’s quarterly stocks and small grains reports. The agency is scheduled to release the reports at 11:00 CDT.
Losses in vegetable oil, US soybeans and seasonal harvest pressure all contributed to the downside.
Steady farmer selling was also a factor, according to an analyst in Winnipeg.
“The negatives include off-the-combine deliveries taking place in the cash market,” he explained.
However, more rain is expected to fall in Alberta, further hampering that region’s already-delayed harvest.
The Canadian dollar was slightly lower against its US counterpart, which made canola more enticing to domestic crushers and out-of-country buyers.
About 7,300 canola contracts had traded as of 10:23 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:23 CDT:
