By Terryn Shiells, Commodity News Service Canada
July 19, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:48 CDT Friday, with continued speculative selling behind much of the price weakness, analysts said.
Speculators were said to be liquidating positions following Thursday’s close below the key support level of C$520 per tonne.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive for crushers and foreign buyers.
Some of the selling was also linked to reports that many canola crops in western Canada are developing well amid good weather.
However, there are still enough areas of uncertainty and the need to keep a weather premium built into the market limited the declines.
Some spill over support from the advances seen in Chicago soybeans and soyoil also helped to temper the losses.
As of 10:48 CDT, about 6,960 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 10:48 CDT:
