By Phil Franz-Warkentin, Commodity News Service Canada
September 4, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were lower at 10:55 CDT Wednesday, as losses in the CBOT soy complex and expectations for a large Canadian crop weighed on values.
Forecasts calling for some much needed moisture across parts of the dry US Farm Belt triggered a selloff in soybeans. With no spillover support from south of the border, the canola market turned down as well after holding closer to unchanged in overnight activity, said a trader.
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Expectations for a record large canola crop contributed to the losses in canola, as the looming harvest has caused exporters and domestic crushers to back away from the market and widen their basis levels, said participants.
A firmer tone in the Canadian dollar, which was up by about half a cent relative to its US counterpart, was also bearish for canola.
At 10:55 CDT, about 11,600 canola contracts had changed hands, with spreading only a minor feature.
Milling wheat, durum, and barley futures were untraded and unchanged on Wednesday.
Prices in Canadian dollars per metric ton at 10:55 CDT:
