By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 8 – Canola contracts on the ICE Futures Canada platform were weaker at midday Thursday, taking some direction from the declines in CBOT soybeans and soyoil.
Strength in the Canadian dollar, which was up by a quarter cent relative to its US counterpart, added to the softer tone in canola, according to participants.
Steady producer selling put some further pressure on values, as harvest operations wrap up across many areas of Western Canada. However, commercial demand was absorbing any sales on the other side. Weather related delays were also slowing the final stages of this year’s harvest in some areas of Alberta and Saskatchewan.
The USDA releases its latest monthly supply/demand report on Friday, and positioning ahead of the data was a feature in the North American agricultural futures. Canadian markets will be closed Monday, October 12, for Thanksgiving, traders were also squaring positions ahead of the long weekend.
About 7,500 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley were all untraded.
