|By Terryn Shiells, Commodity News Service Canada|
|September 27, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:32 CDT Thursday, following the losses seen in outside oilseed markets.
CBOT soybeans futures were lower Thursday morning as a result of pressure from the advancing US harvest, which spilled over to weigh on canola values as well.
The liquidation of long positions ahead of Friday’s USDA stocks report also put downward pressure on both the CBOT soybean complex and canola, traders said.
Improved weather ahead of soybean planting in South America was also an undermining price influence.
Weakness 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.
Macroeconomic concerns surround the euro zone debt crisis also sparked a risk off sentiment which had investors shying away from all commodities, including canola.
However, the downswing in the value of the Canadian dollar and concerns about tight Canadian canola supplies limited the declines, analysts said.
Strength in CBOT soyoil values also underpinned canola futures, market watchers said.
As of 8:32 CDT, about 3,330 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
|Nov||591.60||dn 3.50 Jan 594.80 dn 3.70 Mar 593.90 dn 3.60 Milling Wheat Oct 295.50 unch Dec 300.70 unch Durum Oct 311.90 unch Dec 316.40 unch Barley Oct 250.30 unch Dec 255.30 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton