By Phil Franz-Warkentin, Commodity News Service Canada
September 13, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, seeing a modest correction following Thursday’s rally.
Ongoing harvest pressure, dwindling concerns over possible frost damage, and the general expectations for a record large canola crop contributed to the weaker tone, according to participants.
Losses in CBOT soyoil and soybeans were also putting some spillover pressure on canola.
The November contract managed to close above the psychological C$500.00 per tonne level on Thursday, but was back testing that chart point Friday morning.
Solid export and domestic crusher demand, amid ideas that canola is looking attractively priced compared to other oilseeds, did provide some underlying support.
About 2,700 canola contracts had traded as of 8:37 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some adjustments following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:37 CDT:
