By Terryn Shiells, Commodity News Service Canada
August 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mixed Thursday morning amid choppy activity.
Some downward pressure came from spillover selling from the losses seen in Chicago soybeans and European rapeseed futures, analysts said.
The return of warmer weather across Western Canada was also bearish, as it helped speed up canola crop development and ease concerns about early frost damage.
A weak technical bias further undermined values, as did a pickup in farmer selling into the cash pipeline.
Read Also
Canadian Financial Close: Loonie rises higher, gold falls
Glacier FarmMedia | MarketsFarm – The Canadian dollar continued its rise on Wednesday with its best close in nearly three weeks….
On the other side, some spillover support came from the advances seen Malaysian palm oil and Chicago soyoil values.
The downswing in the value of the Canadian dollar also encouraged some buying, as it made canola less expensive to crushers and exporters.
Worries about dry weather harming US soybean yields also helped to underpin canola futures.
As of 8:33 CDT, about 2,165 canola contracts had traded.
Barley futures were untraded and unchanged. Milling wheat and durum futures were also untraded, though the Exchange moved prices lower after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:33 CDT:
