By Phil Franz-Warkentin, Commodity News Service Canada
July 2, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at 10:52 CDT Wednesday, seeing some follow-through selling after Monday’s downturn as the US soy market remained pointed lower as well.
Bearish acreage and stocks data in the US, together with relatively favourable crop prospects across the Midwest, continued to weigh on CBOT soybeans, which spilled over to the canola market, said participants.
The recent losses have also shifted the technical bias to the downside, which contributed to the selling pressure in canola.
Read Also
North American Grain/Oilseed Review: Grains, oilseeds in negative territory
Glacier FarmMedia – Canola futures on the Intercontinental Exchange erased yesterday’s gains on Friday due to harvest pressure, less demand…
However, canola has lagged soybeans to the downside this week as weather concerns across Western Canada provided some support.
The extent of the damage caused by heavy rains across Manitoba and Saskatchewan is still being calculated, but production was definitely hurt by the adverse weather. That production uncertainty was limiting farmer selling, while also keeping some end user demand in the market.
About 13,500 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:52 CDT:
