By Dave Sims, Commodity News Service Canada
WINNIPEG, August 11 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:40 CDT on Thursday, as traders squared positions ahead of Friday’s United States Department of Agriculture’s monthly report.
Most analysts assume soybean production estimates will be hiked by the USDA in its World Agricultural Supply and Demand estimates.
The Canadian dollar was higher compared to its US counterpart, which made canola less desirable to domestic crushers and outside buyers.
“The crusher is kind of backing away,” noted a Winnipeg-based trader.
Some speculators are likely taking profits, according to a report.
Losses in vegetable oil were bearish for the futures.
However, concerns about excess water in parts of Western Canada were supportive.
Gains in crude oil limited the upside.
About 8,700 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
