By Terryn Shiells, Commodity News Service Canada
August 6, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following the losses seen in Chicago soybeans and soyoil, traders said.
Spill over pressure from the declines seen in European rapeseed futures overnight added to the bearish tone.
Reports that weather is generally favourable for North American oilseed crops also sparked some of the selling in the market, though the need to keep a weather premium built into prices limited the losses.
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The technical bias remains pointed to the downside, which encouraged chart-based selling which further undermined canola values.
However, tight old crop canola supply concerns helped to limit the losses, as did weakness in the value of the Canadian dollar.
As of 8:44 CDT Tuesday, about 3,715 canola contracts had traded.
Barley futures were untraded and unchanged. Milling wheat and durum futures were untraded, though the Exchange moved milling wheat and durum prices higher after the close on Friday. The canola market was closed to observe a Canadian civic holiday on Monday.
Prices in Canadian dollars per metric ton at 8:44 CDT:
