By Dave Sims, Commodity News Service Canada
WINNIPEG, October 8 – ICE Canada canola contracts were close to unchanged Thursday morning on choppy trading.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to domestic crushers and foreign buyers.
Malaysian palm oil and the US soy complex were all weaker which weighed on canola.
The US soy harvest continues to advance while the Canadian harvest is close to being over.
Unwillingness to move values too far one way or the other before Friday’s USDA supply and demand report accounted for the relative lack of movement.
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There are ideas canola is expensive compared to other vegetable oils.
Farmers continue to unload their supplies at a steady pace.
However, commercial buyers continue to buy supplies, said a trader.
Rain has delayed what’s left of the harvest across some parts of the Canadian Prairies.
European rapeseed futures were slightly higher which was supportive for canola.
About 4,100 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
