ICE Review: Canola Down Hard

20.08.2010 13:21 "Agro Perspectiva" (Kyiv) — Losses in CBOT soybean and soyoil values helped to seen canola futures to sharp losses today. Adding to the bearish sentiment in canola was the liquidation of positions ahead of the first 2010 Canadian crop production survey from Statistics Canada, scheduled for release tomorrow morning. Sentiment that the canola crop in Western Canada has increased in size due to improved growing conditions over the past month helped to undermine values, brokers said. Weakness in canola also came from the favourable weather conditions for the harvest of the crop in western Canada, traders said. November and January canola each tumbled $11.40 to close at $448.30 and $452, respectively. The record production prospects for the U.S. soybean crop added to the price declines in canola, as did the lack of fresh export business being put on the books, brokers said. Chart-based speculative liquidation only served to further depress canola futures. Some underlying support in canola came from steady domestic processor demand and the pricing of old export business to Japan. Western barley futures were unchanged with no western barley futures traded on Thursday. October and December closed at $168 and $182.

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