By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 7 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, as seasonal harvest pressure and the strong Canadian dollar weighed on values.
“The harvest is in full bore here,” said a trader, adding that yields were generally beating earlier expectations while the weather was “fantastic.”
He said commercial buyers were still showing solid demand on a scale down basis, but had no reason to chase the market given the steady stream of off-the-combine deliveries at this time of year.
The Canadian dollar was trading well above 82 US cents at midday, which cuts into crush margins and makes exports less attractive to international buyers.
A slightly firmer tone in Chicago Board of Trade soybeans provided some underlying support for canola.
About 14,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
