By Dwayne Klassen, Commodity News Service Canada
Winnipeg – June 5/13 – Canola futures on the ICE Canada trading
platform finished Wednesday’s session on the defensive with only the
four closest months experiencing any kind of volume. Much of the price direction was to the downside with losses influenced in part by
sentiment that values were overbought and were in need of a correction lower, market watchers said.
The bearish sentiment in canola was also encouraged by the losses
in the outside oilseed sector, including Malaysian palm oil, European
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General firmness in the Canadian dollar was viewed as an
undermining price influence with steady elevator company hedge
selling, tied to a pick up in farmer deliveries of canola to the cash
pipeline in western Canada, adding to the price weakness.
Reports that seeding operations across western Canada were
becoming close to being complete and that early seeded canola was off
to a good start, only added to the bearish sentiment in the commodity, brokers said.
Steady exporter demand helped to restrict the downward price
slide as did scale down domestic crusher buying, brokers said.
There were an estimated 18,166 canola contracts traded Wednesday,
No milling wheat, durum or barley contracts were traded during
the session.
Prices are in Canadian dollars per metric ton.
