By Dave Sims, Commodity News Service Canada
WINNIPEG, August 12 – Canola contracts on the ICE Futures Canada platform were weaker at 10:15 CDT on Friday, as traders waited for the release (11:00 CDT) of the United States Department of Agriculture’s monthly report.
The World Agricultural Supply and Demand Estimates report is expected to paint a bullish picture for the US soybean market, which weighed on canola, said a trader in Winnipeg.
“The wildcard will be if they pop out a yield on the beans that is higher than what (people expect),” he said.
The Canadian dollar was higher relative to its US counterpart, which made canola less desirable to foreign buyers.
Losses in Chicago Board of Trade soybeans were bearish for values.
However, Malaysian palm oil, US soyoil and crude oil were all higher which limited the downside.
China’s looming changes (Sept 1) to dockage allowances on imports of Canadian canola also dragged on prices.
About 7,700 canola contracts had traded as of 10:15 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:15 CDT:
