|By Terryn Shiells, Commodity News Service Canada|
|October 1, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:29 CDT Monday, following the weakness seen in the CBOT soybean complex.
Much of the selling that brought soybean values down was linked to pressure from the advancing US harvest and the resulting abundant nearby supplies, traders said.
Improved conditions ahead of the planting of the soybean crop in South America also fuelled some of the declines in both soybeans and canola.
Sentiment that Friday’s advances were overdone and prices were due for a downward correction also weighed on canola values, analysts said.
Declines seen in other outside oilseed markets, including European rapeseed and Malaysian palm oil, also generated some of canola’s price softness.
The upswing in the value of the Canadian dollar also added to the bearish price sentiment. The stronger Canadian currency makes canola more expensive for foreign buyers.
However, the evening of positions ahead of Thursday’s Statistics Canada production report limited the declines, participants said.
As of 8:29 CDT, about 1,240 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:29 CDT:
|Nov||594.00||dn 3.70 Jan 598.80 dn 4.00 Mar 597.00 dn 4.40 Milling Wheat Oct 300.50 unch Dec 305.70 unch Durum Oct 311.90 unch Dec 316.40 unch Barley Oct 250.30 unch Dec 255.30 unch|
Futures Prices as of June 19, 2013
Prices are in Canadian dollars per metric ton