By Terryn Shiells, Commodity News Service Canada
August 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mixed amid choppy activity at 10:34 CDT Wednesday, consolidating following recent volatile trading action, analysts said.
Some spillover support came from the advances seen in the Chicago soybean complex. Continued worries about dry weather harming soybean yields in the US were behind those gains.
Canola values were also underpinned by the need to keep a weather premium built into prices, due to continued nervousness about early frost damaging crops.
Weakness in the value of the Canadian dollar helped to keep a firm floor under the market.
On the other side, expectations that the Canadian canola crop will be very large this year due to favourable growing conditions seen recently put some downward pressure on values.
A pickup in farmer selling following the recently rally in prices was also a bearish influence.
As of 10:34 CDT, about 11,845 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
