By Terryn Shiells, Commodity News Service Canada
August 14, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT Wednesday, following the losses seen in Chicago soyoil futures, analysts said.
Profit-taking following recent strong advances and technical based selling were also responsible for some of the downward price slide.
The stronger Canadian currency further undermined values, as it made canola less attractive on the export market, traders said.
A pick up in farmer selling into the cash pipeline also put some downward pressure on values, as did spill over pressure from the weakness seen in other oilseed markets.
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Ideas that the Canadian canola crop will be large this year, as long as there are no weather problems before harvest, were also bearish.
However, concerns about cooler temperatures slowing crop development in Western Canada limited the losses, as did some spill over support from the advances seen in Chicago soybeans.
Activity was described by brokers as being on the lighter side at midday Wednesday. As of 10:45 CDT, about 7,520 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
