By Terryn Shiells, Commodity News Service Canada
March 1, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at weaker price levels at 10:40 CST Friday, pulled down by spill over pressure from the losses seen in the CBOT soybean complex, analysts said.
Much of the selling that took soybean values lower was linked to the stronger US dollar and pre-weekend profit-taking, brokers said.
Declines seen in Malaysian palm oil and European rapeseed also spilled over to weigh on values. A general “sell-off” mood in all commodities also undermined canola.
Ideas that canola is overpriced compared to other oilseeds also sparked some of the selling that took values to lower ground. A pickup in farmer selling also added to the bearish tone.
However, weakness in the value of the Canadian dollar helped to limit the declines, as it made canola less expensive to foreign buyers.
As of 10:40 CST Friday, about 6,300 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CST:
