|By Phil Franz-Warkentin, Commodity News Service Canada|
|Sept. 24, 2012|
|Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:52 CDT Monday, as losses in the CBOT soy complex spilled over to weigh on values.
Speculators liquidating long positions were behind much of the selling pressure in canola, according to a broker. Ideas that US soybean yields were a bit better than earlier expectations, talk that China was selling more of its own soybean supplies, improving South American weather conditions, and losses in outside oilseed markets, all weighed on values.
However, canola did lag soybeans to the downside, as ongoing concerns over the size of the Canadian canola crop provided some support. Domestic crushers were making purchases on a scale-down basis amid worries that supplies may not be large enough to meet the projected demand down the road, according to a broker.
A lack of significant farmer selling provided further support for canola, as producers were only said to be delivering previously contracted production. A weaker tone in the Canadian dollar also helped limit the losses in canola.
At 10:52 CDT, about 8,000 canola contracts had changed hands.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:52 CDT:Price Change
Canola Nov 607.90 dn 5.00
Jan 610.50 dn 5.70
Mar 609.20 dn 6.50
Milling Wheat Oct 301.50 unch
Dec 306.70 unch
Durum Oct 311.90 unch
Dec 316.40 unch
Barley Oct 250.30 unch
Dec 255.30 unch
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton