By Dave Sims, Commodity News Service Canada
WINNIPEG, August 25 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT on Friday, due to farmer selling.
“I think they’ve finally pulled the trigger, realizing the crop is around the corner,” said a trader in Winnipeg.
Losses in vegetable oil and the US soy complex added to the declines.
Funds are long in the market, according to the trader.
“Maybe around 10,000 to 12,000 contracts, every time they put a positon on they get whip sawed,” he noted.
However, global demand for oilseeds remains strong while the looming arrival of Hurricane Harvey created some uncertainty in the market.
Expectations that the US will slap tariffs on certain imports of bio-diesel, underpinned oilseeds.
About 12,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
