By Terryn Shiells, Commodity News Service Canada
April 29, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower Monday morning, following the losses seen in Chicago soyoil, analysts said.
Spillover pressure from the losses seen in Malaysian palm oil and European rapeseed futures overnight further weighed on values.
The upswing in the value of the Canadian dollar added to the bearish tone, as it made canola less attractive to foreign buyers.
Ideas that canola is overpriced compared to other oilseeds also fuelled some of the declines, as did concerns that China’s bird flu outbreak will diminish demand for meal.
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Talk that wet weather in the US could see acres intended for corn move into soybeans this spring further undermined oilseed prices, including canola.
However, worries that delayed canola planting this spring will harm production for the 2013/14 crop year kept a firm floor under the market.
Slow farmer selling and continued concerns about tight Canadian canola supplies were also supportive.
As of 8:36 CDT, about 2,470 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:36 CDT:
