By Dave Sims, Commodity News Service Canada
WINNIPEG, Aug. 29 (CNS) – Canola contracts on the ICE Futures platform were close to unchanged at midday Wednesday, as gains in soybeans were offset by harvest pressure.
The market was bouncing around in technical trade. The front-month November contract temporarily broke above the key C$490 per tonne mark before retreating.
Some showers fell this morning in various parts of Western
Canada, but conditions were generally favourable.
Concerns about various trade deals involving the United States kept some caution in the market.
The Canadian dollar was slightly weaker, which was supportive for prices.
Traders were positioning themselves ahead of Friday’s Statistics Canada crop production estimates.
About 7,400 canola contracts had traded as of 10:48 CDT.
Prices in Canadian dollars per metric ton at 10:48 CDT:
