By Dwayne Klassen, Commodity News Service Canada
January 15, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were generally on the defensive at 08:34 CST Tuesday morning with the taking of profits and overbought price sentiment accounting for some of the price weakness, market watchers said.
A pick up in the level of farmer deliveries into the cash pipeline also helped to generate some minor bearish price sentiment, brokers said.
However, the push lower was being tempered by the general strength seen in CBOT soybean and soyoil futures. Small advances overnight in Malaysian palm oil and European rapeseed futures also slowed the downward price action, traders said.
Continued concerns about tightening canola stocks in Canada helped to temper the price weakness.
As of 08:34 CST an estimated 1,142 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 08:34 CST
