|By Terryn Shiells, Commodity News Service Canada|
|October 3, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly lower price levels at 8:38 CDT Wednesday, led by the losses seen in CBOT soybeans, traders said.
Expectations that soybean yields and production will be better than originally anticipated as the US harvest progresses sparked much of the selling that brought soybeans down, analysts said.
Improved weather ahead of the planting season in South America also put downward pressure on both soybean and canola values. A large South American soybean crop could replenish tight US stocks.
The lack of fresh Chinese buying interest, as the country observes holidays this week, also added to the bearish price sentiment.
A pick up in farmer deliveries, as cash bids remain strong, also generated some of the price softness in canola, participants said.
However, the evening of positions ahead of Thursday’s Statistics Canada production report put a lid on the losses, brokers said.
Continued concerns about tight Canadian canola supplies and the downswing in the value of the Canadian currency also limited the declines.
As of 8:38 CDT, about 6,700 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
|Nov||582.00||dn 0.60 Jan 582.70 dn 2.80 Mar 581.90 dn 3.00 Milling Wheat Oct 293.60 unch Dec 298.80 unch Durum Oct 309.30 unch Dec 313.80 unch Barley Oct 245.00 unch Dec 250.00 unch|
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton