|By Terryn Shiells, Commodity News Service Canada|
|September 26, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:31 CDT Wednesday, following the losses seen in the CBOT soybean complex, analysts said.
Much of the weakness in the CBOT soybean complex was linked to pressure from the advancing US harvest and the liquidation of long positions ahead of Friday’s USDA report.
Declines seen in European rapeseed and Malaysian palm oil futures during overnight trade also sparked some of the selling that took canola futures down, traders said.
Continued global economic concerns sparked a risk off sentiment in all commodities, including canola, industry officials said.
Bearish chart signals for canola also generated some of the price weakness, analysts said.
However, continued talk that Canadian canola supplies will be very tight this year put a lid on the losses, market watchers said.
As of 8:31 CDT, about 1,755 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:31 CDT:
|Nov||605.00||dn 3.80 Jan 608.50 dn 3.60 Mar 608.40 dn 3.50 Milling Wheat Oct 298.60 unch Dec 303.80 unch Durum Oct 311.90 unch Dec 316.40 unch Barley Oct 250.30 unch Dec 255.30 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton