By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 30 – ICE Canada canola contracts were narrowly mixed Wednesday morning in quiet trade, as participants were showing a reluctance to push values too far one way or the other ahead of the USDA’s quarterly stocks report.
The USDA releases its report at 11:00 CDT and the reaction in the US soybean market will likely determine how canola finishes the day.
In the meantime, improving chart signals, solid commercial demand, early gains in CBOT soybeans, and the recent weakness in the Canadian dollar were all supportive for canola.
However, the advancing Canadian harvest did weigh on prices. Statistics Canada releases updated survey estimates on the size of this year’s crop on Friday, and most market participants anticipate an upward revision from the previous report.
Ideas that canola is looking overpriced compared to other oilseeds also remained a bearish influence.
About 3,500 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded.
