By Dave Sims, Commodity News Service Canada
WINNIPEG, September 30 – Canola contracts on the ICE Futures Canada platform were lower in choppy trading at 10:20 CDT on Friday.
Traders were likely positioning themselves ahead of the release of the USDA’s Grain Stocks report, which is due to come out at 11:00 CT, said an investor in Winnipeg.
“I think that’s part of it, maybe all of it,” he said.
Other factors behind the bearish tilt to the market included a stronger Canadian dollar and harvest pressure as combines crisscross the Prairies.
On the other side of the coin, advances in the vegetable oil market were supportive.
Crushing activity is proceeding at a rapid pace, which should keep demand steady, according to a report.
Some questions about the quality of the canola are popping up, due to the wet weather earlier in the month and summer.
About 8,600 canola contracts had traded as of 10:20 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:20 CDT:
