By Dave Sims, Commodity News Service Canada
WINNIPEG, September 4 – Canola contracts on the ICE Futures Canada platform were weaker at 10:50 CDT Friday, as the market remained under pressure in the wake of yesterday’s Statistics Canada report.
In the Stocks of Principal Fields Crop report, StatsCan raised its estimate for the amount of canola in Canada’s stocks and hiked production numbers from last year.
That should make it tougher for canola to rally on the charts, said an analyst.
“It will be harder for canola to show independent strength, it will be a follower of the soy market or maybe a bit sluggish at times,” he said.
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Technical selling could build on itself given the market’s bearish chart structure, according to a report.
The US soy complex was lower which also helped drag down the market.
However, the Canadian dollar was also down relative to its US counterpart, which helped to limit the losses.
“We might get a bounce here on profit-taking ahead of the weekend,” said the analyst.
Around 14,000 contracts had traded as of 10:50 CDT,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
