By Terryn Shiells, Commodity News Service Canada
October 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:37 CDT Friday, as traders were liquidating their positions in the November contract ahead of its upcoming expiry, analysts said.
A pickup in commercial selling ahead of the weekend further undermined values.
Some of the price weakness was also linked to increased farmer selling, as producers are taking advantage of recent premiums, brokers said.
Spillover pressure from the losses seen in the Chicago soy complex, the large Canadian canola stocks and expectations of a record large South American soybean crop added to the bearish tone.
However, weakness in the value of the Canadian dollar limited the losses, as it made canola more attractive to crushers and exporters.
As of 10:37 CDT Friday, about 13,465 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CDT:
