By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct 1 – Canola contracts on the ICE Futures Canada platform were little changed amid choppy activity Wednesday morning. Traders were squaring positions ahead of Friday’s Statistics Canada production report, analysts said.
Spillover support from gains in the Chicago soyoil market and steady commercial demand were bullish.
Ongoing weakness in the value of the Canadian dollar and unfavourable weather forecasts in Western Canada this week were also supportive.
On the other side, some spillover pressure came from the declines seen in Chicago soybean, European rapeseed and Malaysian palm oil futures.
Ongoing expectations of record large US soybean production and talk that canola prospects are looking better than first anticipated were also bearish.
As of 8:40 CDT Wednesday, about 2,175 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:40 CDT:
