By Terryn Shiells, Commodity News Service Canada
October 9, 2013
WINNIPEG – ICE Futures Canada canola contracts closed weaker on Wednesday, erasing all of the gains seen earlier in the day.
Some of the price softness was linked to a pick up in farmer selling and profit taking at the highs of the day, analysts said.
Spillover pressure from the losses seen in Chicago soybean futures was also bearish.
Canola values were further undermined by pressure from advancing oilseed harvests in North America and expectations that the Canadian canola crop will be record large.
However, weakness in the value of the Canadian dollar and spillover support from the gains seen in outside oilseeds, including Chicago soyoil, European rapeseed and Malaysian palm oil futures, limited the declines.
About 26,357 canola contracts were traded on Wednesday, which compares with Tuesday when 22,646 contracts changed hands. Spreading accounted for 18,702 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
