|By Phil Franz-Warkentin, Commodity News Service Canada|
|Nov. 2, 2012|
|Winnipeg – ICE Canada canola futures were weaker Friday morning, as losses in CBOT soybeans spilled over to weigh on the thinly traded market.
Canola remains expensive compared to other oilseeds, leaving the Canadian market vulnerable to profit-taking setbacks when the outside markets turn lower, according to participants. Malaysian palm oil and European rapeseed futures were also softer in overnight activity.
Steady farmer selling and bearish technical signals were also said to be putting some pressure on canola values, as prices fell to the low end of their two-week trading range.
However, ongoing concerns over the size of the Canadian canola crop and the need to ration demand going forward did provide some underlying support.
Traders also continue to follow weather reports out of South America closely. Recent rainfall has caused planting delays for the soybean crops in some areas recently, but the industry is still anticipating record production from the region.
About 450 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices iPrice Change
Canola Jan 613.00 dn 4.90
Mar 610.00 dn 4.10
May 605.80 dn 3.50
Milling Wheat Dec 308.50 unch
Mar 318.00 unch
Durum Dec 312.40 unch
Mar 319.00 unch
Barley Dec 250.00 unch
Mar 253.00 unch
n Canadian dollars per metric ton at 8:43 CDT:
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton