By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 6 – Canola contracts on the ICE Futures Canada platform were little changed amid quiet, choppy activity at 10:41 CDT Wednesday. Nervousness ahead of next week’s monthly USDA report kept some traders at bay, brokers said.
Traders were also waiting to see what happens with weather in Western Canada and the US ahead of the harvest of canola and soybeans.
Some spillover support came from the advances seen in Chicago soybean and soyoil futures, analysts said.
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A lack of aggressive selling from farmers and the funds was also helping to underpin the market, as were worries about problems in Ukraine and Russia possibly disrupting agricultural exports out of the region.
On the other side, forecasts calling for beneficial weather for oilseed crop development in North America this week were bearish.
The upswing in the value of the Canadian dollar also weighed on prices, as did ideas that Tuesday’s gains were overdone.
As of 10:41 CDT Wednesday, about 5,475 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
