By Phil Franz-Warkentin, Commodity News Service Canada
September 5, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were lower at 10:46 CDT Thursday, as losses in CBOT soyoil and the looming Canadian harvest weighed on values.
“We’re just following the US lower,” said a Winnipeg broker, noting that soyoil was leading to the downside in the soy complex.
Harvest pressure is also building in Western Canada and the mounting expectations for a record large canola crop contributed to the softer tone in the market, according to the broker.
Read Also
North American grain/oilseed review: Canola weakens with soyoil
Glacier FarmMedia — The ICE Futures canola market was weaker on Tuesday as a selloff in Chicago soyoil spilled over…
The fund buying that has provided some support recently was said to be absent on Thursday, putting further pressure on values.
On the other side, routine exporter buying interest did provide some underlying support.
The need to keep some weather premiums in the futures, as the harvest is still far from complete, helped temper the declines as well.
At 10:46 CDT, about 11,600 canola contracts had changed hands, with spreading only a minor feature.
Milling wheat, durum, and barley futures were untraded and changed on Thursday after wheat saw revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:46 CDT:
