By Dwayne Klassen, Commodity News Service Canada
June 20, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly lower levels in early Thursday morning activity. Weakness in the outside oilseed markets helped to put downward pressure on canola with the mostly good growing conditions on the Canadian prairies adding to the bearish price sentiment, market watchers said.
Losses were posted overnight in Malaysian palm oil and the CBOT soybean complex was experiencing some pretty large losses early Thursday.
Remarks made by the US Federal Reserve on Wednesday helped to encourage market participants in the US to reduce risk exposure. Some of that selling was also evident in canola, brokers said.
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Farmer selling of canola was on the light side, but enough to keep canola futures on the defensive, traders said.
Keeping a firm floor under canola was light scale down commercial demand, believed to be covering domestic crusher needs as well as routine export business.
As of 08:46 CDT, about 2,846 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 08:46 CDT:
