By Phil Franz-Warkentin, Commodity News Service Canada
July 19, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, seeing some follow-through selling on Thursday’s move below major support.
The November contract closed under the key C$520 per tonne level on Thursday, which was bearish from a technical standpoint and triggered more speculative selling, according to analysts.
Relatively favourable crop conditions across most of western Canada added to the weaker tone in canola, said traders.
However, there are still enough areas of concern to keep some weather premiums in the futures. A firmer tone in CBOT soybeans was also said to be helping limit the losses in canola.
About 2,200 canola contracts had traded as of 8:39 CDT.
Milling wheat, durum, and barley futures were all untraded Friday morning, although the quoted milling wheat values were lower after being revised following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:39 CDT:
