By Terryn Shiells, Commodity News Service Canada
June 13, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Thursday morning, following the losses seen in Chicago soybeans, analysts said.
Spill over pressure from the declines seen in Malaysian palm oil and European rapeseed futures overnight added to the bearish tone.
Some of the selling was also linked to reports that beneficial weather across western Canada has helped the canola crop get off to a good start.
Canola values also moved lower in reaction to the upswing in the value of the Canadian dollar, as it made the commodity more expensive to foreign buyers.
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A pick up in farmer selling into the cash pipeline further weighed on the market, as did the liquidation of riskier assets amid global economic concerns, brokers said.
However, steady commercial demand and the need to keep a weather premium built into the market helped to slow the downward price slide.
As of 8:40 CDT, about 3,340 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Thursday morning.
Prices in Canadian dollars per metric ton at 8:40 CDT:
