By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 13 (CNS Canada) – ICE Futures canola contracts were weaker on Friday, hitting their lowest levels in nine months as bearish technical signals kept speculators adding to their net short positions.
“Canola feels fairly heavy,” said a trader on the well-established downtrend.
Losses in Chicago Board of Trade soybeans and soyoil contributed to the weaker tone in canola, as soybeans dropped to their lowest levels in 10 years.
Relatively favourable crop conditions across much of Western Canada also weighed on values, with commercial traders seeing little reason to bid up the market at this time.
However, dryness concerns in some areas and excessive moisture in others provided some underlying support.
About 14,000 canola contracts had traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Price Change
Canola Nov 488.10 dn 4.70
Jan 494.80 dn 4.00
Mar 500.80 dn 2.80
May 505.90 dn 1.90
