By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 9 – Canola contracts on the ICE Futures Canada platform were weaker at midday Friday, as losses in the Chicago soy complex and a stronger Canadian dollar weighed on values.
The USDA releases its monthly supply/demand data at 11:00 CDT, and the direction the soybean market takes following the report will likely dictate how canola settles by the close.
In the meantime, the Canadian dollar was up by over half a cent relative to its US counterpart at midsession, which makes canola less attractive to international buyers.
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Steady farmer selling contributed to the softer tone in canola, although weather related delays to the final stages of this year’s harvest in some parts of the Prairies did provide some underlying support.
Chart support was holding to the downside, with Canadian traders said to be showing some reluctance to push values too far ahead of the Thanksgiving long weekend. Canadian markets will be closed Monday, October 12, while US markets remain open.
About 10,000 canola contracts had traded as of 10:28 CDT.
Milling wheat, durum, and barley were all untraded.