By Dave Sims, Commodity News Service Canada
WINNIPEG, September 21 – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, in sympathy with the US soy complex.
Losses in European rapeseed futures were bearish for the market.
Harvest pressure and uncertainty over exports to China also weighed on values.
Canadian canola supplies are expected to be quite large following a new report yesterday from Statistics Canada, noted an analyst.
However, wet weather across Western Canada helped to limit the losses.
The bias has shifted to the upside and any major losses today are likely to be seen as bargains, according to a report.
About 4,900 canola contracts had traded as of 8:50 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
