By Phil Franz-Warkentin, Commodity News Service Canada
August 30, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, taking some direction from the losses in the CBOT soy complex as speculators on both sides of the border were said to be booking profits ahead of the long weekend.
Canadian and US markets will be closed Monday for the Labour Day holiday.
Improving US weather forecasts added to the softer tone in the oilseeds, including canola. Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.
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The looming harvest of a record large Canadian canola crop also remains a bearish influence overhanging the futures, according to participants. Increased farmer selling, as producers start to make more harvest progress, also weighed on values.
However, the lateness of this year’s canola crop may still leave some fields vulnerable to early frost damage, which served to keep some weather premiums in the futures.
The Canadian dollar was holding steady relative to its US counterpart in early activity, providing little direction for the futures.
About 2,500 canola contracts had traded as of 8:39 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after wheat saw some minor adjustments following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:39 CDT:
