By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 29 – Canola contracts on the ICE Futures Canada platform were weaker at 10:31 CDT Friday, following the losses seen in Chicago soyoil futures, analysts said.
Spillover pressure also came from the declines seen in Chicago soybean and Malaysian palm oil futures.
Continued expectations of a record large 2014/15 US soybean crop and some profit taking ahead of the long weekend added to the bearish tone. Canadian and US markets will be closed for Labour Day on Monday, September 1.
However, concerns about cool, wet weather causing problems for western Canadian canola crops this week helped to limit the declines.
Steady commercial demand and a lack of significant farmer selling were also supportive.
As of 10:31 CDT Friday, about 11,600 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:31 CDT:
