By Dave Sims, Commodity News Service Canada
WINNIPEG, September 18 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT Friday, following losses in the US soy complex.
Malaysian palm oil and European rapeseed futures were also weaker which contributed to the declines.
The Canadian dollar was stronger relative to its US counterpart which made canola less attractive to international buyers.
“Maybe we’re starting to see some harvest pressure too, because the selling’s been pretty aggressive,” added a trader.
The lingering effects of yesterday’s Statistics Canada report which raised its outlook for Canadian canola production from 13.3 million tonnes to 14.4 MT added to the bearish tone.
However, wet weather, that has delayed much of the harvest across Western Canada remained slightly supportive for values.
Gains in US wheat and relative firmness in US corn helped limit the losses, the trader suggested.
Around 10,600 contracts had traded as of 10:40 CDT, Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
