By Phil Franz-Warkentin, Commodity News Service Canada
August 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at midday Thursday, with declines in CBOT soyoil behind some of the selling pressure.
While CBOT soybeans themselves were higher on Thursday, canola failed to follow beans lower on Wednesday and the market was due for a bit of a correction from a chart standpoint, according to participants.
Chart-based fund selling contributed to the losses in canola, although the November contract did find some support after hitting the psychological C$430 per tonne level.
A lack of farmer selling given the continued uncertainty over the size of the Canadian crop also helped limit the losses, with dryness in some parts of the Prairies raising some concerns.
About 12,000 canola contracts had traded as of 10:59 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:59 CDT:
