By Terryn Shiells, Commodity News Service Canada
December 2, 2013
WINNIPEG – ICE Futures Canada Canola contracts were weaker on Monday, following the losses seen in Chicago soybeans, analysts said.
Expectations that Statistics Canada will up its already record large Canadian canola production estimate in its report on Wednesday further undermined prices.
Logistical issues in moving the large Canadian crop also weighed on prices, as did reports that usage of canola has been below expectations so far.
However, the losses were limited by some spillover support from the gains seen in Chicago soyoil futures.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to exporters and crushers.
About 29,132 canola contracts were traded on Monday, which compares with Friday when 22,106 contracts changed hands.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
