By Dwayne Klassen, Commodity News Service Canada
February 15, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at slightly easier price levels at 8:36 CST Friday morning with the taking of profits ahead of the three day weekend behind some of the price weakness, market watchers said.
The ICE Canada platform will be closed on Monday for a public holiday while US markets will be open.
Light speculative and commodity fund liquidation was evident and helped to put some downward pressure on prices. Sentiment that canola has become too expensive compared to the other oilseeds also prompted some of the downward price action, brokers said.
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The expectations for a large soybean harvest in South America also remained an undermining price influence.
The losses in canola were being tempered by the advances seen in CBOT soybean and soyoil values Friday. Continued worries about tight canola stocks in Canada also provided some underlying price firmness, brokers said.
Scale down pricing of old export business and steady domestic crusher demand also helped to slow the price declines in canola, traders said.
As of 8:36 CST an estimated 4,603 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:36 CST.
