By Phil Franz-Warkentin, Commodity News Service Canada
October 1, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were down at 10:48 CDT Tuesday, as spill-over from the declines in the CBOT soy complex weighed on values.
Expectations for a record large Canadian canola crop added to the softer tone, with positioning ahead of Friday’s Statistics Canada production report behind some of the activity as well.
However, harvest delays in parts of Western Canada helped temper the declines in canola, according to a broker. A lack of farmer selling was also providing some support, as producers were said to be storing as much of their recently harvested supplies as possible in hopes of seeing higher prices later in the year.
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An absence of significant speculative selling was also helping canola lag soybeans to the downside. The funds are already holding large short positions and were not adding to them as canola ran into downside support, according to a broker.
About 12,000 canola contracts had traded as of 10:48 CDT.
Milling wheat, durum, and barley futures were untraded on Tuesday after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 10:48 CDT:
