By Phil Franz-Warkentin, Commodity News Service Canada
July 30, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:58 CDT Tuesday, as the market continued to lack any supportive news to stop the downward slide.
“Canola is due for a bounce, but we need some kind of spark to get the short-covering started,” said a broker. He said the relatively favourable growing conditions seen across most of North America were keeping the bias to the downside in canola, with little concern in the immediate forecast.
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Losses in the CBOT soy complex contributed to the weaker tone in canola, said traders.
Bargain hunting from end users at the lows did provide some underlying support, helping limit the losses, according to participants.
A lack of farmer selling was also said to be underpinning the market.
In addition, while crop conditions are good for the most part, there are still enough areas of concern to keep some risk premiums in the futures and recent cold temperatures were being followed closely.
At 10:58 CDT, about 11,500 canola contracts had changed hands.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:58 CDT:
