By Dwayne Klassen, Commodity News Service Canada
April 4, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at steady to lower price levels at 8:27 CDT Thursday morning with the depressed price tone tied to the losses in the outside oilseed sector, market watchers said.
Declines were experienced overnight in Malaysian palm oil as well as in CBOT soybeans and soyoil.
The losses in canola were also facilitated by chart-based speculative and commodity fund liquidation orders. A drop off in commercial demand helped to weigh on prices as did the advancing soybean harvest in South America.
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Concerns about lost export business to China, with Australia again allowed to ship canola to that country, also kept some downward pressure on prices, brokers said.
Some underlying support in canola came from concerns about tight old crop canola stockpiles and from the potential for delays in planting the crop this spring on the Canadian prairies due to excessive moisture and cool temperature readings, traders said.
As of 8:27 CDT an estimated 2,008 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:27 CDT.
