By Dwayne Klassen, Commodity News Service Canada
March 14, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at steady to lower price levels at 8:38 CDT Thursday morning with the losses in the outside oilseed sector behind some of the downward price action, market watchers said.
Malaysian palm oil futures again lost ground overnight with the CBOT soybean complex also on the defensive.
Spillover selling from the losses seen Wednesday helped to push canola values downward.
Harvest pressure from the South American soybean crop and expectations of large North American oilseed production this summer added to the bearish sentiment seen in canola, traders said.
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Chart-based liquidation by commodity fund and speculative accounts also were viewed as an undermining price influence, brokers said.
Steady farmer deliveries of canola into the cash pipeline further weighed on canola.
The losses in canola were being offset by scale down commercial buying, believed to be covering both exporter and domestic crusher needs.
As of 8:38 CDT an estimated 2,411 canola contracts had changed hands.
Prices are in Canadian dollars per metric ton and were as of 8:38 CDT.
