By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 14 (CNS Canada) – ICE Canada canola contracts were mixed Wednesday morning, as the market stabilized within a narrow range in early activity after posting declines the previous two sessions.
Weather uncertainty in some parts of Western Canada, with overnight lows nearing the freezing mark in some parts of the Prairies, kept some caution in the futures as the harvest is still ongoing.
Solid export demand, weakness in the Canadian dollar, and ideas that canola remains cheap compared to other oilseeds also provided support.
However, expectations for a large US soybean crop and for upward revisions to Canadian canola production limited the upside potential. The nearby technical bias has also shifted to the downside.
About 6,200 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
