By Dave Sims, Commodity News Service Canada
Winnipeg, August 30 – THE ICE Futures Canada canola market ended lower on Wednesday, as traders positioned themselves before tomorrow’s Statistics Canada production report.
The market was actually higher for much of the morning but traders took profits minutes before the close, which weighed down the market.
As well, harvest pressure and better-than-expected results from some early combined areas across Western Canada were bearish for values.
There are expectations the US soybean harvest will be massive, which undermined prices.
However, the Canadian currency was around a full cent lower, relative to the US dollar, which made canola more enticing to buyers on the international market.
Farmer selling is currently slow, noted an analyst in Winnipeg, but should pick up in September.
Around 16,457 canola contracts were traded on Wednesday, which compares with Tuesday when around 20,087 contracts changed hands. Spreading accounted for 5,862 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
