|By Phil Franz-Warkentin, Commodity News Service Canada|
|August 1, 2012|
|Winnipeg – ICE Canada canola futures were lower Wednesday morning, taking back all of Tuesday’s late session gains as the market failed to see any follow-through buying in overnight activity.
Losses in the CBOT soy complex contributed to the downturn in canola, as US weather concerns were said to be easing somewhat, according to participants. Overnight declines in Malaysian palm oil also spilled over to weigh on values.
The firm Canadian dollar, relatively favourable Canadian crop conditions, and expectations for heavy farmer deliveries when the harvest starts up over the next few weeks were also cited as bearish price influences.
The gains earlier this week shifted the technical bias in canola to the upside, and any declines could be seen as buying opportunities, according to participants.
About 1,400 canola contracts had traded as of 8:36 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:36 CDT:Price Change
Canola Nov 623.20 dn 8.10
Jan 624.50 dn 9.00
Mar 626.10 dn 8.90
Milling Wheat Oct 317.50 unch
Dec 325.00 unch
Durum Oct 325.50 unch
Dec 330.00 unch
Barley Oct 264.50 unch
Dec 269.50 unch
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton