By Dwayne Klassen, Commodity News Service Canada
June 6, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at mainly lower price levels at 10:24 CDT Thursday morning. Much of the downward price action in canola reflected weather outlooks calling for warm and dry growing conditions over the next few days across the Canadian prairies, market watchers said.
Those kind of conditions were seen as being perfect for the development of the canola crop in western Canada, traders said.
The losses in canola were helped along by the losses seen overnight in European rapeseed futures and the eventual downturn in most CBOT soybean and soyoil values, brokers said.
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An upturn in the value of the Canadian dollar was viewed as an undermining price influence as was the drop off in demand from the commercial sector.
The liquidation of positions by speculative accounts helped to weigh on canola futures.
The losses in canola were tempered in part by a drop off in farmer deliveries of canola into the cash pipeline, traders said.
Spreading was a key feature of the activity in canola and was helping to augment the volume total.
As of 10:24 CDT, about 10,591 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 10:24 CDT:
