By Terryn Shiells, Commodity News Service Canada
July 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT Friday, following along with the losses seen in Chicago soybeans and soyoil.
Spill over pressure from the losses seen in other oilseed markets, including Malaysian palm oil and European rapeseed, further weighed on prices.
Some of the selling in the market was also triggered by prices breaking through some key technical points, according to brokers.
Improving weather conditions for the development of canola crops across western Canada were also responsible for some of the downward price slide.
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The liquidation of positions by speculative accounts added to the bearish tone, as did a pickup in farmer selling.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as it made canola more attractive to foreign buyers.
The need to keep a weather premium built into the market also served to temper the losses in canola, analysts said.
As of 10:45 CDT, about 6,800 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
