By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 11, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CST Monday, seeing follow-through selling on Friday’s lower close.
Losses in the CBOT soy complex accounted for some of the spill-over selling in canola, with both oilseeds being pressured by speculative long-liquidation, according to a broker.
A slowdown in buying interest from exporters and domestic crushers, as the recent strength in the market is doing its job of rationing demand, added to the weaker tone, said the broker.
Steady farmer selling put further pressure on values, according to participants.
However, the losses in canola were tempered by the weaker tone in the Canadian dollar, which was down by about half a cent relative to its US counterpart.
The overall uptrend also still remains intact from a chart perspective, making any declines a good buying opportunity, according to participants.
At 10:45 CST, about 16,000 canola contracts had changed hands, with intermonth spreading accounting for the bulk of the volumes as participants were rolling out of the nearby March contract.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
Futures Prices as of May 23, 2013
Prices are in Canadian dollars per metric ton