By Phil Franz-Warkentin, Commodity News Service Canada
September 11, 2013
Winnipeg – ICE Canada canola contracts were narrowly mixed Wednesday morning in thin and choppy trade, as traders were adjusting positions ahead of Thursday’s USDA production report.
CBOT soybeans were posting small gains ahead of the report, as traders are generally anticipating downward revisions to the size of the US crop. European rapeseed futures were also up slightly, although CBOT soyoil was mixed and Malaysian palm oil futures were weaker in overnight activity.
The uncertainty ahead of the report and the unwillingness of participants to push values too far one way or the other was expected to keep the futures relatively rangebound on Wednesday, according to traders.
The advancing Canadian harvest and mounting expectations for a record large crop limited the upside potential in canola as well. However, recent rains in some areas were causing delays.
About 3,000 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some adjustments following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:46 CDT:
