By Terryn Shiells, Commodity News Service Canada
June 26, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform moved lower Wednesday morning, following the weakness seen in outside oilseed markets, analysts said.
European rapeseed fell to fresh contract lows in overnight activity, while Malaysian palm oil futures were down around 3-week lows.
Chicago soybeans and soyoil were also experiencing some losses Wednesday morning.
Some of the selling in canola was linked to reports that North American oilseed crops are generally off to a good start, despite excessive moisture in some regions.
Technical based selling, slowing demand and large Canadian canola production expectations for 2013/14 also fuelled some of the declines.
However, weakness in the value of the Canadian dollar and continued concerns about the tight supply situation limited the declines.
Activity is expected to be choppy throughout the day as traders position themselves ahead of Friday’s USDA stocks and acreage reports.
As of 8:49 CDT, about 2,135 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:49 CDT:
