By Dave Sims, Commodity News Service Canada
WINNIPEG, August 25 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT on Thursday, tracking losses in the vegetable oil market.
Canola was also following declines in the Chicago Board of Trade soy complex.
China is scheduled to tighten the amount of foreign materials it allows in imports of Canadian canola on September 1. Analysts say this has put some uneasiness into the market.
Wet weather across parts of Western Canada has thrown a weather premium into the market, according to a Winnipeg-based trader and farmer.
“The crush value is actually losing two or three bucks, soyoil is leading us down,” he said, adding there was the potential for canola to grind even lower.
However, gains in crude oil limited the losses.
Global demand for oilseeds is still quite healthy, an analyst said.
About 12,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
