|By Terryn Shiells, Commodity News Service Canada|
|July 17, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at a weaker price level at 10:32 CDT Tuesday, following softness in the CBOT soybean complex, analysts said.
CBOT soybeans fell as profit taking after Monday’s highs weighed on values. However, canola held up better than CBOT soybeans because it didn’t climb as high on Monday, a Winnipeg-based trader said.
Canola futures were also following weakness seen in Malaysian palm oil and European rapeseed overnight.
Beneficial weather for Canadian canola crops was also weighing on values. Recent rains across western Canadian growing regions helped crop development after many days of hot, dry weather.
Increased hedge selling, as producers make room in their bins for new crop supplies, was also responsible for some of the downward price movement, traders said.
Durum, barley and milling wheat were untraded and unchanged.
|Nov||633.40||dn 1.10 Jan 635.40 dn 1.90 Mar 633.90 dn 2.00 Milling Wheat Oct 312.50 unch Dec 320.00 unch Durum Oct 325.50 unch Dec 330.00 unch Barley Oct 262.00 unch Dec 267.00 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton