By Terryn Shiells, Commodity News Service Canada
August 14, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, as profit-taking following recent advances weighed on values, analysts said.
Spill over pressure from the losses seen in the Chicago soybean complex was also fuelling some of the declines.
Weakness seen in Malaysian palm oil and European rapeseed futures overnight was also bearish for canola.
Ideas that the Canadian canola crop will be very large, as long as there are no weather or frost problems before harvest, further undermined values.
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The upswing in the value of the Canadian dollar put further downward pressure on prices, as it made canola more expensive to international buyers.
Technical based selling, as the bias still remains pointed to the downside, was also responsible for some of the price weakness.
However, concerns about slow crop development in western Canada due to recent cooler weather helped to limit the declines.
As of 8:44 CDT, about 3,485 canola contracts had traded.
Barley and durum futures were untraded and unchanged. Milling wheat futures were also untraded, though the Exchange moved prices slightly lower after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:44 CDT:
