By Phil Franz-Warkentin, Commodity News Service Canada
September 26, 2013
Winnipeg – ICE Canada canola contracts were weaker Thursday morning, as losses in most outside oilseed markets spilled over to weigh on values.
The CBOT soy complex, Malaysian palm oil, and European rapeseed were all lower in overnight activity.
The continued harvest of Canada’s record large canola crop was another bearish influence overhanging the market, as the commercial system is filling up with new crop supplies.
However, recent rainfall in parts of Saskatchewan and Manitoba was causing harvest delays to some of the later fields which helped temper the declines.
Solid export demand provided underlying support as well, according to participants.
About 4,600 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:40 CDT:
