By Phil Franz-Warkentin, Commodity News Service Canada
September 20, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, as losses in outside oilseed markets and ongoing harvest pressure weighed on values.
The CBOT soy complex, Malaysian palm oil, and European rapeseed futures were all down in overnight activity, accounting for much of the spillover selling seen in the canola market.
Harvest operations also continue to move forward across the Canadian Prairies with above average yields being reported in many areas.
Bearish technical signals contributed to the declines, as canola traded at its lowest levels of the past month.
However, solid exporter and domestic crusher demand underneath the market did provide some support, as canola remains attractively priced at current levels. A softer tone in the Canadian dollar was also supportive.
About 10,000 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:54 CDT:
