By Dave Sims, Commodity News Service Canada
WINNIPEG, Sept. 21 (CNS) – Canola contracts on the ICE Futures platform were chopping around unchanged Friday, as losses in U.S. soybeans were countered by advances in soyoil.
Wet weather in Western Canada was delaying harvest efforts in numerous locations.
Traders were squaring positions before the weekend with the November contract threatening to break above the C$490 mark at one point this morning.
Recent strength in the value of the Canadian dollar limited the upside.
There are ideas China may increase canola purchases to make up for a reduction in soybean imports, but so far that hasn’t happened on a significant scale.
The bias appears pointed lower although there is speculation a bump could be coming after harvest.
About 6,000 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
