By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept 25 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT Thursday, following the declines seen in Chicago soybean and soyoil futures. Softness in other US markets, including corn and wheat futures, was also bearish, analysts said.
The market continues to be driven by the bears, despite breaking above C$400 per tonne in the November contract on Wednesday and early Thursday, brokers noted.
Pressure from the advancing harvest in Western Canada, as conditions have been favourable throughout the week, also weighed on values.
Ideas that Canadian canola production will be larger than first anticipated were also overhanging the market.
However, some spillover support came from the advances seen in European rapeseed and Malaysian palm oil futures overnight.
Weakness in the value of the Canadian dollar was also bullish as it made canola more attractive to crushers and exporters.
As of 10:45 CDT Thursday, about 9,820 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT
