By Phil Franz-Warkentin, Commodity News Service Canada
September 17, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:49 EDT Tuesday, retreating from earlier gains as a downturn in CBOT soybeans spilled over to weigh on values.
Ongoing harvest pressure and the mounting expectations for a record large Canadian canola crop added to the softer tone in canola, according to a broker. Farmers were said to be making some sales, as the large crop prospects have producers looking to book some profits before values turn lower still. A lack of bin space was also riving some farmer deliveries, said a broker.
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A stronger tone in the Canadian dollar was also bearish for canola, according to traders.
However, solid end user demand on a scale-down basis did provide some support. Uncertainty over the state of the US soybean crop was also keeping some caution in the oilseed markets, limiting the declines.
About 20,000 canola contracts had traded as of 10:49 CDT.
Milling wheat, durum, and barley futures were untraded on Tuesday after the grains saw some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 10:49 CDT:
