By Dave Sims, Commodity News Service Canada
WINNIPEG, November 13 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CST Friday, following losses in the vegetable oil market.
CBOT soybeans were weaker too, which contributed to the declines.
An analyst said funds were selling right now.
“Corn and beans are at contract lows and canola can’t stay up by itself so canola is under a little bit of pressure,” he added.
Argentina continues to indicate it will lower its export tax which was bearish for the market as it could result in large supplies being dumped onto the market.
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However, the Canadian dollar was weaker which limited the losses as it made canola more attractive to domestic crushers and foreign buyers.
Chinese buying continues to underpin the market, according to a report.
January canola seems to have moved back into its recent range of C$470-480 per tonne.
Farmer selling is slow, said the analyst.
Around 7,000 contracts had traded as of 10:45 CST,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
