By Jade Markus, Commodity News Service Canada
WINNIPEG, September 7 – ICE Canada canola contracts were mixed at midday on Wednesday, buoyed by spillover strength from US soy markets and declines in the Canadian dollar.
However, canola didn’t advance as much as expected, as a stocks report from Statistics Canada pressured the market.
“We could have been up five, six, seven dollars today, but we couldn’t do that,” said one Winnipeg-based trader.
StatsCan pegged canola stocks at 2.016 million metric tonnes as of July 31, and upwardly revised year-ago production numbers.
However, gains in Chicago Board of Trade soybeans and soy meal underpinned the market, as the market absorbs the effects of rain during August.
About 10,689 contracts had traded as of 10:26 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
