|By Terryn Shiells, Commodity News Service Canada|
|August 13, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:30 CDT Monday, following the downward price trend in the CBOT soybean complex, analysts said.
Scattered rains and cooler temperatures across US Midwest growing regions put downward pressure on the CBOT soybean complex, which spilled over to weigh on canola values.
Some speculative long liquidation and profit-taking in the CBOT soybean complex also added to the bearish price sentiment in canola, traders said.
Declines seen in European rapeseed and Malaysian palm oil futures during overnight trade were also responsible for some of the price weakness.
Pressure from the advancement of the canola harvest in western Canada and the expected large canola crop also generated some of the losses, participants said.
A firm tone in the Canadian dollar, as it remains above parity with its US counterpart, also helped move canola values to the downside.
However, talk that some canola crops across the prairies are being pressured by insects and disease limited the declines, market watchers said.
As of 8:30 CDT, 1,851 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||611.60||dn 5.50 Jan 615.60 dn 5.90 Mar 614.90 dn 7.20 Milling Wheat Oct 303.40 unch Dec 309.00 unch Durum Oct 309.00 unch Dec 313.50 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton