By Terryn Shiells, Commodity News Service Canada
July 12, 2013
WINNIPEG – ICE Futures Canada canola contracts closed lower on Friday, following the losses seen in Chicago soybeans and soyoil.
Spill over pressure from the losses seen in Malaysian palm oil and European rapeseed futures added to the bearish tone.
Reports of improving weather conditions across western Canada, and talk that many of the crops are off to a good start, further weighed on prices.
Some of the selling was also chart-based, as prices broke below key technical points during the trading session, analysts noted.
The liquidation of positions ahead of the weekend was also responsible for some of the downward price slide, as was a pick up in farmer selling.
However, weakness in the value of the Canadian dollar helped to limit the declines.
About 11,663 canola contracts were traded on Friday, which compares with Thursday when 14,268 contracts changed hands. Spreading accounted for 2,968 of the contracts traded.
Milling wheat, durum and barley futures were untraded on Friday.
Settlement prices are in Canadian dollars per metric ton.
