By Terryn Shiells, Commodity News Service Canada
August 6, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:41 CDT Tuesday, following the losses seen in the Chicago soybean complex, analysts said.
Expectations that the 2013/14 US soybean crop will be large, as crops have been benefiting from good weather, were bearish for soybeans and canola.
Forecasts calling for generally non-threatening weather for the development of canola crops in western Canada this week also fuelled some of the declines.
Spill over pressure from the losses seen in European rapeseed futures further undermined values, as did some chart-based selling. The technical bias remains pointed to the downside, brokers said.
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A pick up in selling by the funds was also an undermining price influence, as was the taking of profits following recent advances.
However, some routine, scale-down buying helped to limit the losses, as did the need to keep a weather premium built into the market.
As of 10:41 CDT, about 8,670 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
