By Terryn Shiells, Commodity News Service Canada
August 30, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:41 CDT Friday, following the losses seen in outside oilseed markets, analysts said.
Chicago soybean and soyoil futures were mostly lower at midday Friday, and both European rapeseed and Malaysian palm oil futures were weaker overnight.
Some of the price softness seen in North American oilseed markets, including canola, was linked to the liquidation of positions ahead of the long weekend. Both Canadian and US markets will be closed Monday for Labour Day.
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Traders were also said to be nervous ahead of the release of a slew of private crop estimates in the US next week.
A pickup in farmer selling, as harvest activities begin in some regions, was bearish, as were expectations that the Canadian canola crop will be record large this year.
However, canola is looking more attractively priced compared to oilseeds, which sparked some crusher and speculative buying that limited the declines, brokers said.
The need to keep a weather premium built into prices, as some later season canola crops are still at risk of frost damage, kept a firm floor under the market.
As of 10:41 CDT, about 6,155 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following slight price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:41 CDT:
