By Terryn Shiells, Commodity News Service Canada
July 9, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:50 CDT Tuesday, as speculative fund selling weighed on the market, analysts said.
Further weakness came from selling out of Europe, which was sparked by reports that their rapeseed crop is progressing well and rising production estimates.
Spill over pressure from the losses seen in Chicago soyoil added to the bearish tone, as did the absence of buyers interested in “chasing the market”, a broker noted.
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Reports that most of western Canada’s canola crop is developing well amid beneficial weather were also bearish, as was a pickup in farmer selling.
However, general weakness in the value of the Canadian dollar and spill over support from the gains seen in Chicago soybeans limited the declines.
Continued tight supply concerns and worries about excessive heat stressing some North American oilseed crops kept a firm floor under the market.
As of 10:50 CDT, about 8,030 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
