By Dave Sims, Commodity News Service Canada
WINNIPEG, October 7 – ICE Canada canola contracts was slightly below unchanged Wednesday morning on volatile trading, as prices took strength from US soy while feeling pressure from the Canadian currency.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to domestic crushers and foreign buyers.
Malaysian palm oil was weaker for a second consecutive session which weighed on canola.
Traders are reluctant to push values too far one way or another, before the USDA supply and demand report is released on Friday.
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Farmers continue to unload supplies at a brisk pace which was slightly bearish for the market.
However, commercial buying of canola is starting to heat up, according to a report.
Wet, windy weather has delayed what’s left of the harvest across some parts of the Canadian Prairies.
European rapeseed futures were stronger on the day, which helped to underpin the market.
About 2,800 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
