|By Terryn Shiells, Commodity News Service Canada|
|August 14, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at weaker price levels at 10:45 CDT Tuesday, as increased speculative selling helped bring values down, market watchers said.
Long liquidation in the market, as traders exited positions as the “weather is behind them”, was also an undermining factor, brokers said.
The canola market was also playing catch up to the declines seen Monday in the CBOT soybean complex. Canola futures managed to stay firmer than soybeans at the close on Monday, traders said.
Strength in the Canadian dollar, as it remains above parity with the US currency, also added to the bearish price sentiment.
Pressure from the advancing canola harvest in western Canada, and an increase in farmer selling also generated some of the price weakness.
Losses posted during overnight trade in Malaysian palm oil futures further weighed on values, market watchers said.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||603.80||dn 6.50 Jan 608.50 dn 6.40 Mar 610.80 dn 4.90 Milling Wheat Oct 294.40 unch Dec 300.00 unch Durum Oct 302.10 unch Dec 306.60 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton