By Dave Sims, Commodity News Service Canada
WINNIPEG, Sept. 12 (CNS) – Canola contracts on the ICE Futures platform were lower at midday Wednesday, as traders prepared for a USDA production report largely expected to be bearish for the industry.
There are expectations today’s report, due to be released at 11:00 CDT, will raise the yield number for U.S. soybeans.
Despite today’s decline, canola prices are generally considered expensive compared to soybeans.
Losses in the U.S. soy complex, European rapeseed futures and Malaysian palm oil dragged down values.
The Canadian dollar was a quarter of a cent stronger, relative to its U.S. counterpart, which was bearish.
However, wet and cold weather in Alberta lent some strength to the market.
About 5,700 canola contracts had traded as of 10:15 CDT.
Prices in Canadian dollars per metric ton at 10:15 CDT:
