By Dwayne Klassen, Commodity News Service Canada
April 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at steady to slightly easier price levels at 8:42 CDT Wednesday morning with the weakness being linked to the declines seen in CBOT soybean values, market watchers said.
Minor losses overnight in European rapeseed futures contributed to the downward price slide.
A drop off in demand from the commercial sector helped to weigh on values as did light chart-based speculative and commodity fund liquidation orders, traders said.
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The advancing South American soybean harvest and reports that the backlog of ships waiting for soybeans at Brazilian ports was starting to ease up, also put some canola contracts on the defensive, brokers said.
Ideas that China was shifting some of its canola demand away from Canada and over to Australia further weighed on values.
Underlying support in canola came from the slow pace of farmer deliveries into the cash pipeline and from concern about weather related delays in planting canola this spring across the Canadian prairies, brokers said.
As of 8:42 CDT an estimated 909 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:42 CDT.
