By Terryn Shiells, Commodity News Service Canada
March 18, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower at 8:42 CDT Monday, following weakness in the CBOT soy complex, analysts said.
Declines seen in other oilseed markets, including Malaysian palm oil and European rapeseed, also spilled over to weigh on canola values.
Expectations for record large oilseed crops out of South America this year undermined values, as did follow-through selling after Friday’s losses.
The liquidation of “riskier” assets due to renewed economic concerns in Europe also helped canola values move to lower ground.
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A pick up in domestic crusher selling and ideas that canola is overpriced compared to other oilseeds added to the bearish tone.
Expectations for large oilseed production in North America during the 2013/14 crop year also fuelled some of the declines in canola.
However, weakness in the value of the Canadian dollar helped to limit the losses, as did continued concerns about the tight Canadian canola supply situation.
As of 8:42 CDT Monday, about 1,935 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CDT:
