By Dwayne Klassen, Commodity News Service Canada
Winnipeg – June 4/13 – CNS – Canola contracts on the ICE
Futures Canada platform were trading at mainly lower price levels
at 10:15 CDT Tuesday morning with some of the downward price
action associated with the losses in the outside oilseed sector,
market watchers said.
Declines were being displayed by CBOT soybean and soyoil
futures with losses also posted overnight in Malaysian palm oil
and European rapeseed values.
The downward price action in canola also reflected steady
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now able to concentrate on marketings given that seeding of crops
was nearing completion in a number of areas across the Canadian
prairies.
There were reports of fields in select areas being too wet
to finish seeding canola, but there were numerous others in which
the crop has been seeded for some time and was developing under
excellent conditions. The good crop development news helped to
spark some minor selling interest, brokers said.
The rolling out of positions was a feature that helped to
weigh on the nearby July future and tempered the losses seen in
November, traders said.
Weakness in the Canadian dollar Tuesday and light scale down
and some domestic crusher needs, helped to slow the price drop in
the deferred canola contracts, traders said.
As of 10:15 CDT, about 9,403 canola contracts had traded. Of
the contracts traded, 4,882 were spread related.
Milling wheat, durum and barley contracts were unchanged and
untraded.
Prices in Canadian dollars per metric ton at 10:15 CDT:
