By Dave Sims, Commodity News Service Canada
WINNIPEG, October 15 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:45 CDT Thursday, following losses in US soyoil and feeling the weight of the Canadian currency.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to out-of-country buyers.
Harvest pressure in both Canada and the US (soybeans) pushed down prices as well, said an analyst.
“It will be difficult for canola to build upward momentum because of the harvest,” he said.
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Canola yields have been better than expected so far.
The technical bias is leaning to the downside as canola cannot seem to settle above the key resistance point of C$480 per tonne.
Malaysian palm oil was lower which also was bearish for the market.
However, gains in US soybeans helped mitigate the losses.
Inclement weather has caused some minor planting delays of soybeans in South America, which lent support to prices.
Around 11,000 contracts had traded as of 10:45 CDT,
Thursday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
Price Change
Canola Nov 472.60 dn 3.80
Jan 476.40 dn 4.00
Mar 479.10 dn 4.40
Milling Wheat Oct 232.00 unch
Dec 237.00 unch
Durum Oct 335.00 unch
Dec 340.00 unch
Dec 187.00 unch
