By Dwayne Klassen, Commodity News Service Canada
Winnipeg – November 7/12 – CNS – Canola contracts on the ICE Futures Canada platform were trading at steady to mostly lower price levels in early Wednesday morning activity in extremely thin volumes. Much of the downward price action was associated with the losses experienced in CBOT soybean and soyoil futures, market watchers said.
Light chart-based speculative and commodity fund liquidation orders helped to depress canola futures, brokers said.
A small drop off in domestic crusher demand was also evident and further undermined values. The improvement in the weather for the planting and development of the South American soybean crop also added to the bearish sentiment in canola.
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The losses were being limited by the pricing of old export business by commercials. The reluctance of farmers to deliver canola into the cash pipeline in western Canada also slowed the downward price slide.
The advances overnight in Malaysian palm oil and European rapeseed futures also tempered the declines in canola.
As of 8:32 CST, about 315 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 8:32 CST:
