By Terryn Shiells, Commodity News Service Canada
May 23, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly lower Thursday morning, following the losses seen in the Chicago soybean complex, analysts said.
Profit-taking following Wednesday’s strong advances also fuelled some of the declines.
Some of the selling seen in canola was also linked to news that farmers in western Canada have made good seeding progress recently.
Talk that Canadian canola crops have got off to a good start due to good soil moisture conditions and weather added to the bearish tone.
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A drop off in demand from the commercial and export sectors, as buyers look to South America for their oilseed supplies, further weighed on values.
The easing of the cash market, as basis levels in western Canada have started to come down, put further downward pressure on canola.
However, continued concerns about the tight Canadian canola supply situation helped to limit the declines, as did slow farmer selling.
As of 8:27 CDT, only about 1,940 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:27 CDT:
