By Phil Franz-Warkentin, Commodity News Service Canada
October 2, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains in most months at midday Thursday, although activity was thin and choppy.
Solid end user demand, especially from domestic crushers, provided some underlying support for canola, with a lack of significant farmer selling on the other side also supportive. However, while farmers are currently focused on harvest operations, sales from the countryside are expected to start picking up over the next few weeks.
Statistics Canada releases updated production estimates on Friday, October 3, and positioning ahead of the report kept some caution in the market. While most industry participants anticipate a slight upward revision to the size of the canola crop from the last report, actual yield reports have been highly variable as the harvest moves forward.
The CBOT soy complex was narrowly mixed, providing little direction for canola.
About 10,000 canola contracts had traded as of 10:54 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:54 CDT:
