|By Terryn Shiells, Commodity News Service Canada|
|September 10, 2012|
|WINNIPEG – Canola futures on the ICE Futures Canada platform were trading in a mixed price range at 8:43 CDT Monday.
The declines seen in the CBOT soybean complex and European rapeseed futures were responsible for some of the price weakness seen in canola, analysts said.
The upswing in the value of the Canadian dollar also weighed on values as it curtailed demand from foreign buyers, market watchers said.
However, some canola futures were underpinned by the advances seen in Malaysian palm oil futures during overnight trade, participants said.
Reports that Canadian canola yields are smaller than originally anticipated also helped to push some canola futures to the upside, traders said. Some market participants think the lower yields will cause Canadian canola production will be down from what Statistics Canada predicted. StatsCan August 22 production report pegged canola production at 15.4 million tonnes for the 2012/13 (Aug/Jul) crop year.
Activity was on the light side Monday morning. As of 8:43 CDT, about 800 canola contracts had traded.
Milling wheat, durum and barley were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
|Nov||637.80||dn 2.80 Jan 644.40 dn 0.10 Mar 648.40 up 2.90 Milling Wheat Oct 300.50 unch Dec 308.00 unch Durum Oct 306.90 unch Dec 311.40 unch Barley Oct 260.00 unch Dec 265.00 unch|
Futures Prices as of June 18, 2013
Prices are in Canadian dollars per metric ton