By Terryn Shiells, Commodity News Service Canada
April 15, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 8:37 CDT Monday, falling victim to a broad-commodity sell-off sparked by disappointing economic news from China, analysts said.
Spillover pressure from the losses seen in outside oilseed markets, including the CBOT soy complex, European rapeseed and Malaysian palm oil, further weighed on values, as did some technical based selling.
Ideas that corn acres could shift into soybeans in the US this spring because of wet conditions also undermined oilseed markets, including canola.
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Some of the selling seen in canola was also linked to pressure from the advancing soybean harvest in South America, traders said.
However, the downswing in the value of the Canadian dollar and slow farmer selling helped to limit the declines.
Continued concerns that delayed canola planting in western Canada this spring will temper production kept a firm floor under the market.
As of 8:37 CDT, about 2,135 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:37 CDT:
