By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 4, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:48 CST Friday, as the continued selloff in the CBOT soy complex continued to weigh on prices.
Bearish technical signals for both soybeans and canola accounted for some of the speculative selling in both markets on Friday, according to traders. The relatively favourable crop conditions for soybeans in South America were also said to be weighing on the oilseeds in general.
Declining crush margins added to the softer tone in canola, although a trader noted that the domestic processors were still showing good demand on a scale-down basis.
The ongoing concerns over tightening supplies in western Canada also remained supportive, and canola was not down to the same extent as soybeans.
At 10:48 CST, about 7,000 canola contracts had changed hands, with intermonth spreading a feature.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:48 CST:
