By Dwayne Klassen, Commodity News Service Canada
March 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at steady to slightly weaker price levels at 8:41 CDT Tuesday morning. Weakness in the outside oilseed markets generated some of the early selling interest in canola, industry watchers said.
Malaysian palm oil futures lost ground overnight and both CBOT soybean and soyoil futures were on the defensive early Tuesday, brokers noted.
Adding to the bearish price sentiment was the improved weather conditions for the development of the South American soybean crop. Harvest activities there were also getting underway which helped to fuel the bearish sentiment in the oilseed sector, traders said.
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The prospects of larger US soybean output and ideas canola production in Canada will also remain large helped to put the deferred canola ontracts on the defensive.
Some light speculative and commodity fund based selling was also evident and contributed to the downward slide in values, brokers said.
Underlying support in canola continued to come from scale down domestic crusher and exporter pricing.
As of 8:41 CDT an estimated 549 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:41 CDT.
