By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 14 – Canola contracts on the ICE Futures Canada platform were down at midday Friday, as losses in CBOT soybeans, bearish technical signals, and early harvest pressure all weighed on values.
After seeing a modest corrective bounce on Thursday, canola was back trading near the two-month lows hit on Wednesday as the expectations for a large US soybean crop returned to the forefront of the futures markets, said participants.
Hot weather conditions across Western Canada added to the softer tone in canola, as crops are developing quickly and harvest operations start to pick up, said traders.
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Recent activity has also shifted the technical bias lower, although chart support was holding to the downside. The November contract kept well above the C$480 per tonne level on Friday.
Steady end user demand underneath the market, especially given the expectations for a smaller Canadian canola crop this year, also helped limit the losses.
About 11,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:56 CDT:
