By Terryn Shiells, Commodity News Service Canada
October 11, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were moving lower at 10:37 CDT Friday, following the losses seen in outside oilseed markets, traders said.
The Chicago soy complex, Malaysian palm oil and European rapeseed futures were all weaker, which contributed to the losses in canola.
Some of the selling was also linked to profit taking and a pickup in farmer hedging following Thursday’s advances.
The upswing in the value of the Canadian dollar was bearish, as was pressure from the advancing North American oilseed harvest.
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Expectations that the Canadian canola crop will exceed 16 million tonnes, due to record large yields in many areas, further undermined prices.
However, steady commercial demand helped to keep a firm floor under the market.
Some supportive technical buying was also seen as the market approached support at C$480 per tonne, analysts said.
As of 10:37 CDT Friday, about 18,260 contracts had traded. Traders were said to be positioning themselves ahead of the Canada Thanksgiving long weekend, as ICE Futures Canada will be closed on Monday.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CDT:
