By Terryn Shiells, Commodity News Service Canada
September 4, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were fractionally weaker Wednesday morning. Traders were said to be nervous ahead of the release of private crop estimates in the US this week, according to analysts.
Some spillover pressure from the losses seen in Chicago soybeans and soyoil weighed on values. Malaysian palm oil and European rapeseed futures were also weaker overnight.
The upswing in the value of the Canadian dollar added to the bearish tone, as did some technical based selling.
However, continued worries about dry weather in the US helped to keep a firm floor under North American oilseed markets.
Canola futures found some support from the need to keep a weather premium built into prices due to continued worries about frost harming crops in Western Canada.
A slowdown in farmer selling in Western Canada was also helping to underpin the canola market.
As of 8:41 CDT, 3,245 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:41 CDT:
