By Dave Sims, Commodity News Service Canada
WINNIPEG, June 12 – Canola contracts on the ICE Futures Canada platform were down slightly at 10:43 CDT Thursday, following soybeans and feeling pressure from cool, wet weather in Western Canada which has helped germination and development.
Although southern Saskatchewan felt some touches of frost it wasn’t getting a lot of attention, an analyst said.
Losses in CBOT soybeans were also pulling canola lower, according to the analyst, with speculators believed to be light sellers with scaled-down commercial buyers lending some support.
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The crush calculation is down ever so slightly, which is keeping crushers less aggressive on the buy side, he added.
While soybean meal was down significantly, soyoil is showing some indications of sparking up, said the analyst, which could serve as a rallying point for values.
The weekly export sales for US soybean oil were a “nice, bullish surprise,” he added.
Canola has also received some spillover support from palm oil buying.
Around 9,000 contracts had traded as of 10:43 CDT, Thursday, with the July/November spread accounting for the bulk of the activity.
Prices in Canadian dollars per metric ton at 10:43 CDT:
