By Dave Sims, Commodity News Service Canada
WINNIPEG, October 11 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged at 10:40 CDT on Wednesday, in tight technical trading.
Harvest operations are slowly starting to ramp up in Alberta and parts of Saskatchewan due to improving weather conditions, which was bearish.
“The weather is cooperating and the rain has stayed away,” said a trader in Winnipeg.
Losses in US soybeans weighed on values.
Traders were positioning themselves ahead of tomorrow’s USDA supply and demand report.
However, slow farmer selling and gains in Malaysian palm oil futures were supportive for prices.
The Canadian dollar has fallen below the 80 US cent mark, which made canola more attractive to out-of-country buyers.
About 12,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
