By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 21 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were posting small losses at midday Wednesday, as the market saw a modest correction following Tuesday’s rally.
Declines in Chicago Board of Trade soybeans and soyoil put some spillover pressure on canola, but the Canadian oilseed was lagging its US counterpart to the downside.
Continued harvest delays and a slow pace of farmer deliveries into the commercial pipeline were providing some underlying support for canola, according to market participants.
The Canadian dollar was holding steady relative to its US counterpart at midday, but the US Federal Reserve is set to make its latest interest rate announcement later in the day and any movements in the currency-pair could sway canola as well.
About 10,000 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
