|By Terryn Shiells, Commodity News Service Canada|
|August 2, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 10:34 CDT Thursday, as profit taking continued to bring the market down, analysts said.
Weakness in the CBOT soybean complex also helped move canola to the downside.
News of rains hitting soybean growing regions across the US Midwest put a lot of downward pressure on the US soybean complex, which spilled over to bring canola down as well, traders said.
Declines seen during overnight trade in Malaysian palm oil and European rapeseed also weighed on canola values, participants said.
Generally good conditions for the development of the canola crop in Canada and firmness in the value of the Canadian dollar also added to the bearish price sentiment, market watchers said.
The anticipation of increased farmer selling ahead of the commencement of the Canadian canola harvest also generated some of the price weakness.
Analysts pegged a support level in the C$600 per tonne range, and expect to see a pick-up in buying if values fall that low.
Durum, barley and milling wheat were untraded and unchanged.
|Nov||607.60||dn 12.90 Jan 611.50 dn 10.60 Mar 609.70 dn 13.40 Milling Wheat Oct 297.50 unch Dec 305.00 unch Durum Oct 311.50 unch Dec 316.00 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton