|By Terryn Shiells, Commodity News Service Canada|
|August 8, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 10:34 CDT Wednesday, as pressure from farmer selling weighed on values, analysts said.
Weakness in the CBOT soybean complex also added to the bearish price sentiment for canola. Improved weather in the US Midwest was responsible for much of the price weakness in the CBOT soybean complex, traders said.
Positioning ahead of the USDA supply and demand report on Friday also weighed on the CBOT soybean complex, which spilled over to weigh on canola values.
Sharp declines seen during overnight trade in Malaysian palm oil also helped canola move to the downside, market watchers said.
Strength in the Canadian dollar, as it remains above parity with its US counterpart, was also responsible for some of the downward price action.
Speculative long liquidation by a variety of market players was also an undermining price influence for canola at midday Wednesday, brokers said.
Generally good conditions for the development of canola and the advancement of the harvest in some regions across western Canada added to the bearish price sentiment.
As of 10:34 CDT, about 7,700 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||598.30||dn 4.10 Jan 602.30 dn 3.80 Mar 604.00 dn 3.50 Milling Wheat Oct 300.90 unch Dec 308.00 unch Durum Oct 309.00 unch Dec 313.50 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton