|By Terryn Shiells, Commodity News Service Canada|
|September 28, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at mostly weaker price levels at 8:29 CDT Friday, following the declines seen in the CBOT soybean complex.
Friday morning’s USDA stocks report was bearish for soybeans, which sparked the move to the downside, market watchers said.
Improved weather ahead of soybean planting in South America was also an undermining price influence for both soybeans and canola.
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.
General firmness in the value of the Canadian currency also fuelled some of the declines seen in canola.
However, continued concerns about the tight canola supply situation limited the losses. Some traders think canola futures could bounce ahead of next week’s Statistics Canada production report.
As of 8:29 CDT, about 2,695 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:29 CDT:
|Nov||589.70||dn 2.20 Jan 594.80 dn 0.80 Mar 595.40 dn 0.20 Milling Wheat Oct 290.70 unch Dec 295.90 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