|By Terryn Shiells, Commodity News Service Canada|
|August 31, 2012|
|WINNIPEG – Canola futures on the ICE Futures Canada platform were trading at mixed price levels at 8:31 CDT, amid choppy trade ahead of the long weekend, analysts said.
Market participants are reluctant to push the market one way or another ahead of the long weekend, traders said. Both Canadian and US markets will be closed on Monday, September 3 for Labour Day.
Declines seen in the CBOT soybean complex and European rapeseed futures put some downward pressure on canola Friday morning, brokers said.
Profit-taking after Thursday’s highs weighed on both the CBOT soybean complex and canola market, industry officials said.
The upswing in the value of the Canadian dollar also undermined canola values, as it made the commodity more expensive to foreign buyers.
Some support in canola was seen as the slowdown in farmer deliveries into the cash pipeline underpinned values, participants said.
Reports that Canadian canola yields aren’t coming in as good as originally anticipated also provided underlying support for canola values.
Activity was light Friday morning, with only about 600 canola contracts traded as of 8:31 CDT.
Milling wheat, durum and barley were untraded and unchanged.
|Nov||633.50||dn 2.20 Jan 639.40 up 0.20 Mar 639.80 up 0.30 Milling Wheat Oct 304.00 unch Dec 311.50 unch Durum Oct 300.60 unch Dec 305.10 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of May 21, 2013
Prices are in Canadian dollars per metric ton