By Dave Sims, Commodity News Service Canada
Winnipeg, August 29 – THE ICE Futures Canada canola market ended mostly lower on Tuesday, pulled down by losses in the US soy complex and harvest pressure.
“Buyers are relaxing a bit, they can see the crops are close. There’s not as much nervousness and pressure on them,” said a trader in Winnipeg.
Traders were positioning themselves ahead of Thursday’s production estimates by Statistics Canada.
The most-active November contract fell below technical support at the key C$500 per tonne level.
However, the Canadian currency was lower, relative to the US dollar, which made canola more enticing to domestic crushers and foreign buyers.
Tightness in supplies of commercial canola was bullish for values.
Around 20,087 canola contracts were traded on Tuesday, which compares with Monday when around 17,138 contracts changed hands. Spreading accounted for 10,926 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
