By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 13 (CNS Canada) – ICE Canada canola contracts were narrowly mixed Tuesday morning, although the bias was slightly lower as the market saw some consolidation after Monday’s sharp losses.
Canola dropped in sympathy with the Chicago Board of Trade soy complex on Monday, as the USDA’s updated production estimates were seen as bearish. Soybeans saw some follow-through selling on Tuesday, which did weigh somewhat on canola.
Seasonal harvest pressure was another bearish influence in the background, according to participants.
However, there are also still more than enough areas of concern to keep some weather premiums in the market. Weakness in the Canadian dollar and ideas that canola remains cheap compared to other oilseeds also provided some support.
About 4,000 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded.
