|By Phil Franz-Warkentin, Commodity News Service Canada|
|Oct. 1, 2012|
|Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:52 CDT Monday, seeing a correction from Friday’s gains as losses in the CBOT soy complex spilled over to weigh on values.”US soybeans are down hard today, and canola is following that trend,” said a canola broker. The losses in soybeans were tied to the advancing US harvest and last week’s relatively bearish USDA stocks report. A firmer tone in the Canadian dollar added to the weakness in canola.
Holidays in China this week were also said to be putting some downward pressure on the oilseeds, given the lack of fresh buying interest from the country. Increased farmer selling in western Canada was another bearish factor for canola.
However, scale down domestic crusher buying interest did provide some underlying support, according to the broker. Uncertainty over the size of the Canadian crop, ahead of Thursday’s Statistics Canada production report, was also somewhat supportive, said participants.
At 10:52 CDT, about 8,100 canola contracts had changed hands. Intermonth spreading was a feature, as traders continue to roll out of the nearby November contract.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:52 CDT:
Canola Nov 589.10 dn 8.60
Jan 592.90 dn 8.90
Mar 590.80 dn 10.60
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 May 24, 2013
Prices are in Canadian dollars per metric ton