By Phil Franz-Warkentin, Commodity News Service Canada
November 7, 2013
Winnipeg – ICE Canada canola contracts were weaker Thursday morning, seeing some follow-through speculative selling on Wednesday’s lower close as the market moves towards the low end of its well established trading range.
Spillover selling from the losses in CBOT soyoil and Malaysian palm oil contributed to the declines in canola, according to participants. European rapeseed was also down in overnight activity.
The USDA will release its first supply/demand report in two months on Friday, and traders were generally said to be showing some caution ahead of the data. The report is generally expected to confirm upward revisions to both the US soybean and corn crops, but the size of those adjustments remains to be seen.
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For canola, a continued lack of significant farmer selling and steady end user demand helped underpin the futures. Chart support was also holding to the downside.
About 8,000 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat did see some price adjustments following Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
