By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept. 12 – Canola contracts on the ICE Futures Canada platform were up slightly amid choppy, quiet activity at 10:49 CDT Friday. Traders were stepping to the sidelines as they’re unsure about what side of the market they should be on, according to a Winnipeg-based broker.
On one side, there are weather issues in Western Canada that could harm the Canadian canola crop. But, forecasts for the Prairies are improving for next week and the competing US soybean crop is still expected to record large this year.
With the sharp gains in CBOT soyoil futures and the dramatically lower Canadian dollar Thursday morning, canola prices would be much higher if they were fully following the US market. But, traders were waiting to see if the advances in soyoil will hold before deciding to buy more canola futures, the broker added.
As of 10:49 CDT Friday, about 7,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
