By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 22, 2014
Winnipeg – ICE Canada canola contracts were weaker Wednesday morning, seeing some follow-through selling on Tuesday’s softer close.
Canada’s record large canola crop and the ongoing logistics issues moving it out of the Prairies remained a bearish influence on the market, according to traders. Losses in CBOT soyoil, relatively favourable South American crop conditions, and a slightly stronger Canadian dollar contributed to the early declines in canola.
However, CBOT soybeans were holding near unchanged in early activity, which was somewhat supportive for canola. Oversold price sentiment and ideas that canola remains cheap compared to other oilseeds helped temper the declines as well.
About 3,500 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after wheat saw some price revisions following yesterday’s close.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Mar 429.10 dn 2.00
May 438.40 dn 2.10
Jul 446.80 dn 2.20
Milling Wheat Mar 180.00 unch
May 185.00 unch
Durum Mar 243.00 unch
May 247.00 unch
Barley Mar 127.00 unch
May 129.00 unch
