By Dave Sims, Commodity News Service Canada
WINNIPEG, August 3 (CNS) – Canola contracts on the ICE Futures platform were slightly lower in choppy trading at midday Friday.
The market was tracking losses in soybeans and feeling some uncertainty about next week’s USDA supply and demand report. There are ideas the report will show higher numbers of U.S. soybeans, which would be bearish for oilseeds in general. That report will be released on Friday, August 10.
“Traders will be cautious about being long too heavily,” said a trader in Winnipeg.
Canola is also looking somewhat expensive relative to other oilseeds.
The Canadian dollar was stronger relative to its U.S. counterpart, which made canola less enticing to international buyers.
On the other side, a rebound in Chicago Board of Trade soyoil was supportive for values.
Concerns about dryness in Western Canada underpinned prices.
About 2,800 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
