By Dave Sims, Commodity News Service Canada
WINNIPEG, September 30 – Canola contracts on the ICE Futures Canada platform were slightly stronger at 10:30 CDT Wednesday, as traders positioned themselves ahead of the release of the USDA’s quarterly stocks report.
Choppy movement in the US soy complex was creating some volatility in the canola market, said a trader.
“Somebody’s moving in or moving out ahead of this report,” he added. The report is due to be released at 11:00 CT.
Technical support on the charts underpinned the market along with commercial buying. Canola was pushing up for the fourth day in a row against some key resistance levels, the trader noted.
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However, weakness in US soyoil, Malaysian palm oil and European rapeseed futures were putting pressure on prices.
The Canadian dollar was also higher relative to its US counterpart which made canola less attractive to domestic crushers and foreign buyers.
The harvest continues to advance across Western Canada with better yields than expected, which was bearish for the market.
Around 11,700 contracts had traded as of 10:30 CDT,
Wednesday.
Milling wheat and durum were both untraded and unchanged while 10 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 10:30 CDT:
