By Dave Sims, Commodity News Service Canada
WINNIPEG, September 26 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:45 CDT on Monday, following losses in the US soy complex.
Uncertainty about the level of Chinese buying interest and the true size of the Canadian canola crop were also dragging down buyer interest, according to a Winnipeg-based trader.
“Canola’s situation is a bit uncertain. I don’t think people are entirely comfortable with how big the crop is,” he said.
South America’s soybean crop is expected to be massive, which weighed on values.
Harvest pressure was a bearish feature as well.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Continued rains across Western Canada were throwing delays into the harvest, which was supportive.
About 11,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
