|By Terryn Shiells, Commodity News Service Canada|
|October 2, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:31 CDT Tuesday, following losses in outside oilseed markets.
CBOT soybean futures were lower Tuesday morning, which put downward pressure on canola values. Much of the selling that took soybeans down was linked to pressure from the advancing harvest and improved conditions ahead of soybean planting in South America.
Limited buying interest from China, as they observe holidays this week, also added to the bearish price sentiment in both soybeans and canola.
Sharp declines seen in European rapeseed and Malaysian palm oil also fuelled some of the price softness in canola. One trader noted Malaysian palm oil prices have “fallen off the table.”
General firmness in the value of the Canadian currency also undermined canola values, as it made the commodity more expensive for foreign buyers.
However, continued concerns that Canadian canola supplies won’t be large enough to meet demand tempered the losses, brokers said.
The evening of positions ahead of Thursday’s Statistics Canada production report also limited the declines.
As of 8:31 CDT, about 2,730 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||581.80||dn 7.10 Jan 584.70 dn 7.60 Mar 584.10 dn 7.50 Milling Wheat Oct 297.70 unch Dec 302.90 unch Durum Oct 311.90 unch Dec 316.40 unch Barley Oct 249.50 unch Dec 254.50 unch|
Futures Prices as of May 22, 2013
Prices are in Canadian dollars per metric ton