By Terryn Shiells, Commodity News Service Canada
May 1, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning, with follow through selling from Tuesday’s losses behind much of the price weakness, analysts said.
Spill over pressure from the losses seen in the Chicago soybean complex also fuelled some of the downward price slide, as did strength in the value of the Canadian dollar.
Canola values also moved lower in reaction to speculative fund liquidation and the evening of positions ahead of Friday’s Statistics Canada stocks report.
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Talk that export demand for canola is starting to show signs of slowing down added to the bearish tone, as did ideas that the US will plant more soybean acres this spring.
However, concerns about continued cold, wet weather delaying planting in western Canada this spring limited the declines.
Slow farmer selling, as they are holding on to old crop until they get the new crop in the ground, also underpinned values.
As of 8:40 CDT, about 2,510 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:40 CDT:
