By Dwayne Klassen, Commodity News Service Canada
January 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 08:28 CST Thursday morning with the continued downward price action in CBOT soybean values helping to encourage the downward price action, market watchers said.
The declines in canola were also being stimulated by a bearish downturn on the charts, brokers said.
The favourable weather for the development of record sized soybean crops in South America also contributed to the downward price slide seen in canola.
Losses overnight in Malaysian palm oil and continued firmness in the value of the Canadian dollar also added to the undermining price influences in canola, traders said.
Some small demand from domestic processors for canola tempered the price losses. Commercials were also light buyers of canola on a scale down basis, with much of that interest said to be covering old export business.
As of 08:27 CST an estimated 1,265 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 08:27 CST
