By Terryn Shiells, Commodity News Service Canada
September 23, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:42 CDT Monday, following the losses seen in Chicago soyoil and soybeans, analysts said.
A pickup in farmer selling in Western Canada as harvest advances was also responsible for some of the downward price action.
Reports of good yields in most areas across Western Canada were also helping to weigh on canola values, as was technical based selling.
The upswing in the value of the Canadian dollar further undermined prices, as it made canola more expensive to foreign buyers.
However, routine export and commercial buying helped to keep a firm floor under the market, brokers said.
The need to keep a weather premium built into prices, as there is still risk of frost damage, also underpinned canola values.
As of 10:42 CDT Monday, about 10,535 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 10:42 CDT:
