|By Terryn Shiells, Commodity News Service Canada|
|September 11, 2012|
|WINNIPEG – Canola values on the ICE Futures Canada platform were trading at lower price levels at 8:35 CDT, following the losses seen in the CBOT soybean complex, analysts said.
The unloading of risk ahead of Wednesday’s USDA report was responsible for most of the downward price action in the CBOT soybean complex.
Losses seen in European rapeseed futures during overnight trade and the liquidation of long positions also fuelled some of the price weakness in canola, participants said.Strength in the value of the Canadian dollar, as it continued to rise further above parity with the US dollar, also weighed on canola values.
Generally good conditions for the progression of the canola harvest in western Canada also put downward pressure on values, traders said.
However, uncertainty about the size of the Canadian canola crop limited the declines. Some farmers have reported lower than expected yields, which sparked some concerns that the canola crop will not be as large as originally anticipated.
As of 8:35 CDT, about 1,620 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
|Nov||632.50||dn 2.20 Jan 636.10 dn 2.60 Mar 637.00 dn 2.60 Milling Wheat Oct 296.50 unch Dec 302.00 unch Durum Oct 306.90 unch Dec 311.40 unch Barley Oct 257.00 unch Dec 262.00 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton