By Terryn Shiells, Commodity News Service Canada
September 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly stronger at 10:43 CDT Wednesday, as the market continued to consolidate following recent lows.
Some of the strength was also linked to positioning ahead of Monday’s USDA quarterly stocks report, which will show updated US soybean ending stocks estimates, brokers said.
The need to keep a weather premium built into prices until the end of harvest, as frost damage is still possible, provided further support, as did some chart-based based buying.
However, the technical bias remains bearish due to continued harvest pressure and increased farmer selling off the combine.
Some spillover pressure from the losses seen in Chicago soybeans and soyoil futures was bearish and helped to limit the advances in canola.
As of 10:43 CDT Wednesday, about 11,110 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 10:43 CDT:
