By Dwayne Klassen, Commodity News Service Canada
Winnipeg – June 12/13 – CNS – Canola contracts on the ICE
Futures Canada platform were trading at mostly lower price levels
at 10:25 CDT Wednesday morning. Some of the downward price
pressure reflecting the taking of profits after Tuesday’s gains,
market watchers said.
Declines in CBOT soybean and soyoil futures helped to weigh
on canola with overnight losses in Malaysian palm oil and
European rapeseed adding to the early bearish sentiment in the
commodity.
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Activity in canola was on the lighter side with participants
biding time ahead of the release of the USDA report at 12:00 EDT.
Spreading was a feature of the trade in canola and was helping to
augment the volume total.
Some of the selling in canola reflected a pick up in farmer
deliveries into the cash pipeline. Weather outlooks calling for
warmer temperatures across most of the Canadian prairies, which
was expected to help with the development of crops, also was an
undermining price influence.
Support under canola was coming from steady commercial
demand, believed to be covering domestic crusher needs as well as
some routine export business.
As of 10:25 CDT, about 8,762 canola contracts had traded. Of
Milling wheat, durum and barley contracts were unchanged and
untraded.
Prices in Canadian dollars per metric ton at 10:25 CDT:
