By Terryn Shiells, Commodity News Service Canada
July 24, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:34 CDT Wednesday, following the losses seen in CBOT soybeans and soyoil, analysts said.
Declines seen in other oilseed markets, including Malaysian palm oil and European rapeseed futures were also bearish for canola.
The liquidation of long positions by a variety of market players further weighed on prices.
Reports that growing conditions are mostly ideal for canola crops across western Canada added to the bearish tone.
Technical based selling also fuelled some of the declines, as did weakness in the cash market.
However, the need to keep a weather premium built into prices limited the declines, as did continued concerns about the tight old crop supply situation.
As of 10:34 CDT, about 8,530 canola contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
