By Phil Franz-Warkentin, Commodity News Service Canada
September 23, 2013
Winnipeg – ICE Canada canola contracts were weaker Monday morning, seeing some follow-through selling on Friday’s lower close in the absence of any fresh supportive news.
Western Canadian farmers continue to make good harvest progress, with yields reported to be above average overall.
Losses in the CBOT soy complex, a firmer Canadian dollar, and generally bearish technical signals added to the softer tone in canola, according to participants.
However, solid end user demand from exporters and domestic crushers did help temper the declines, as canola remains attractively priced compared to other oilseeds.
Uncertainty over the size of the US soybean crop was also said to be somewhat supportive for prices.
About 3,400 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:42 CDT:
