By Dave Sims, Commodity News Service Canada
WINNIPEG, September 28 – Canola contracts on the ICE Futures Canada platform were posting modest losses at 10:35 CDT on Wednesday, in sympathy with vegetable oil.
“It is a significant drive lower in palm oil that is affecting soyoil,” said a Winnipeg-based crop analyst.
Western Canadian harvest pressure continued to weigh on the market.
There are ideas China may not buy as much canola from Canada this year, according to a report.
However, the Canadian dollar was lower relative to its US counterpart, which made canola more attractive to out-of-country buyers and helped to limit the losses.
Gains in Chicago Board of Trade soybeans were supportive for canola.
Canola’s canola crush is running at record levels, the analyst noted.
About 9,300 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
