By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 7 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT Thursday, following the declines seen in the Chicago soy complex, analysts said.
Worries that Russia will expand their list of banned agricultural products from countries that have imposed sanctions against them were also bearish, brokers said. If Russia makes this move, certain grains in Canada and the US could lose a customer, resulting in larger supplies.
Excellent weather conditions for the expected very large 2014/15 US soybean crop this week also weighed on canola prices, as did ideas that the Canadian canola crop is getting bigger.
However, a lack of aggressive selling from farmers and fund accounts helped to limit the downside.
Steady commercial demand and the need to keep a weather premium built into prices were also supportive.
As of 10:45 CDT Thursday, about 6,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
