By Terryn Shiells, Commodity News Service Canada
September 5, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Thursday morning, following the losses seen in outside oilseed markets, analysts said.
The Chicago soy complex was weaker Thursday morning, while the European rapeseed market posted losses in overnight activity.
Bearish technical signals for both soybean and canola markets further undermined values, as did forecasts calling for improving weather in US soybean growing areas this weekend.
Some of the price weakness was also linked to expectations that the Canadian canola crop will be record large, as well as pressure from the fast approaching harvest in Western Canada.
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The upswing in the value of the Canadian dollar added to the bearish tone, as it made canola more expensive to foreign buyers.
However, the need to keep a weather premium built into the market, due to continued worries about frost damage in Western Canada, limited the declines.
As of 8:32 CDT Thursday, 1,375 canola contracts had traded.
Durum and barley futures were untraded and unchanged. Milling wheat futures were also untraded and unchanged following slight price revisions by the Exchange after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:32 CDT:
