By Dave Sims, Commodity News Service Canada
WINNIPEG, Sept. 10 (CNS) – Canola contracts on the ICE Futures platform were slightly higher in technical buying at midday Monday. Traders had also begun to take positions ahead of Wednesday’s USDA production report.
Cold weather has set in to parts of Alberta, raising concerns about potential frost and snow in the Peace River region.
Farmer selling is on the upswing, according to a trader.
“I’m thinking we may see some farmer selling off the combine,” he said.
The Canadian dollar was slightly higher relative to its U.S. counterpart, which dragged on values.
However, there are ideas the report could raise the bean yield in the U.S., which would be bearish.
The technical bias is pointed lower.
About 4,500 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
