|By Terryn Shiells, Commodity News Service Canada|
|September 24, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly weaker price levels at 8:32 CDT Monday, following the losses seen in the CBOT soybean complex, analysts said.
The selling that took soybeans down was sparked by pressure from the advancing harvest in the US and the resulting abundant nearby supplies, traders said.
Weakness seen in other outside oilseeds, including Malaysian palm oil and European rapeseed, also helped canola values move to the downside.
Talk that global economic conditions are slowing down had investors shying away from riskier assets, including canola, participants said.
General firmness in the value of the Canadian dollar, as it remained above parity with its US counterpart, also generated some of the prices softness seen in canola.
However, continued concerns that Canada’s canola supply will be extremely tight this year limited the losses, market watchers said.
As of 8:32 CDT, about 2,450 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
|Nov||609.50||dn 3.40 Jan 613.70 dn 2.50 Mar 612.90 dn 2.80 Milling Wheat Oct 301.50 unch Dec 306.70 unch Durum Oct 311.90 unch Dec 316.40 unch Barley Oct 250.30 unch Dec 255.30 unch|
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton