By Dwayne Klassen, Commodity News Service Canada
June 19, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were trading at steady to slightly weaker price levels in choppy early Wednesday morning activity. Some light profit-taking after Tuesday’s run up in prices helped to weigh on canola with declines in CBOT soybean futures contributing to the bearish price sentiment, market watchers said.
A pick up in farmer deliveries of canola into the cash pipeline helped to weigh on the commodity as did the small upswing in the value of the Canadian dollar, brokers said.
Light chart-based speculative and commodity fund liquidation further undermined canola futures.
The declines in canola were offsert by the gains seen in CBOT soyoil values early Wednesday with strength overnight in Malaysian palm oil also an underpinning price influence, traders said.
Weather uncertainty on the Canadian prairies was making for a volatile trading session.
As of 08:41 CDT, about 1,791 canola contracts had traded.
Milling wheat, durum and barley contracts were unchanged and untraded.
Prices in Canadian dollars per metric ton at 08:41 CDT:
