By Terryn Shiells, Commodity News Service Canada
March 21, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly lower at 8:42 CDT Thursday, undermined by the firmer Canadian dollar, analysts said.
Ideas that canola is overpriced compared to other oilseeds added to the bearish tone, as did continued concerns about the euro zone financial crisis.
Pressure from the advancing soybean harvest in South America also weighed on values, as large amounts of the crop should flood the market soon.
Expectations that Canadian canola production will be larger in 2013/14 than in 2012/13 also generated some of the downward price action.
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However, spill over support from the advances seen in outside oilseed markets, including the Chicago soy complex and Malaysian palm oil, helped to slow the losses, market watchers noted.
Steady commercial buying, tight old crop supply worries and concerns about excessive moisture delaying canola planting this spring also kept a firm floor under the market.
As of 8:42 CDT Thursday, about 4,830 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CDT:
