By Dave Sims, Commodity News Service Canada
WINNIPEG, August 29 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT on Tuesday, tracking losses in US soybeans and vegetable oil.
Traders were doing some slight positioning ahead of Thursday’s production estimates from Statistics Canada. At the same time, most analysts doubt the report will move the market all that much considering how old the data is.
Harvest pressure added to the downside, a Winnipeg-based trader said.
“Alberta needs a few good weeks of nice weather to finish it off,” he said. “The final canola crop may be a little bigger than initially thought.”
However, the Canadian dollar was over a quarter of a cent weaker, relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Concerns over the dwindling supply of canola in the system, added to the upside.
About 10,000 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:
