WINNIPEG, Oct 28 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:35 CDT Wednesday, as good demand offset a comfortable supply situation.
“The markets are just chopping up and down. We might be in this situation for quite a long time,” a trader said.
US soybeans and European rapeseed futures were both lower which contributed to the declines.
The Canadian dollar was higher relative to its US counterpart which made canola less desirable to foreign buyers.
Rain in Brazil is helping alleviate concerns over excess dryness within soybean crops.
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Traders expect the next report from Statistics Canada to show larger canola supplies than initially reported.
However, US soyoil and Malaysian palm oil were both higher which limited the losses.
The most frequently traded January contract is testing support at the C$475 dollar per tonne mark.
Around 13,500 contracts had traded as of 10:35 CDT, Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
Price Change
Canola Nov 465.90 dn 1.00
Jan 475.70 dn 0.50
Mar 480.70 dn 1.40
Milling Wheat Dec 233.00 unch
Mar 239.00 unch
Durum Dec 330.00 unch
Mar 335.00 unch
Barley Dec 185.00 unch
Mar 187.00 unch
