By Terryn Shiells, Commodity News Service Canada
September 13, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:42 CDT Friday, undermined by a pickup in farmer selling following Thursday’s rally, analysts said.
Ideas that Thursday’s gains were overdone, and that the market needed a downward correction, also fuelled some of the declines.
Spillover pressure from the losses seen in Chicago soybeans and soyoil further weighed on canola values.
Pressure from the advancing harvest in Western Canada, expectations that the crop will be record large and favourable weather conditions added to the bearish tone.
However, some commercial buying, as canola is more attractively priced than other oilseeds, helped to limit the declines, brokers said.
As of 10:42 CDT Friday, about 12,485 canola contracts had traded. Spreading was a feature of the trade and helped to augment the volume total.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:42 CDT:
