By Dave Sims, Commodity News Service Canada
WINNIPEG, August 28 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Monday, in speculative trading.
The canola market was correcting slightly higher in relation to US soybeans, a trader in Winnipeg noted.
“Commercial activity is spreading forward,” he added.
Traders were also positioning themselves ahead of Statistics Canada’s August 31 production report.
However, losses in the US soy complex and vegetable oil markets were bearish for values.
Some of the yields being reported in heat-stressed southern Alberta and Saskatchewan have been better than farmers expected, according to the trader. He adds that doesn’t mean they were better than last year’s numbers of the five-year average.
Harvest pressure was also a feature.
About 6,200 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:
