By Dave Sims, Commodity News Service Canada
WINNIPEG, October 29 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:45 CDT Thursday on chopping trading, following US soybeans and soyoil.
The Canadian dollar was higher which also weighed on canola as strength in the currency made canola less desirable to foreign buyers.
Malaysian palm oil was also lower which contributed to the losses.
Rain in Brazil is helping alleviate concerns over excess dryness within soybean fields.
Traders expect the next report from Statistics Canada to show larger canola supplies.
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However, gains in European rapeseed futures helped to limit the losses.
A lack of fund selling also propped up values, said a trader.
“If you can’t get a producer to sell it you’ve got to find some spec selling and specs are out of the market,” he explained.
Around 10,000 contracts had traded as of 10:45 CDT,
Thursday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
Price Change
Canola Nov 463.50 dn 1.90
Jan 473.80 dn 0.90
Mar 479.80 dn 0.60
Milling Wheat Dec 233.00 unch
Mar 238.00 unch
Durum Dec 330.00 unch
Mar 335.00 unch
Barley Dec 185.00 unch
Mar 187.00 unch
