By Terryn Shiells, Commodity News Service Canada
December 31, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower Tuesday morning, giving back some of the sharp advances seen on Monday as traders were taking profits, analysts said.
Spillover pressure from the declines seen in Chicago soybean futures was also responsible for some of the price softness.
Good weather for South America’s soybean crop and expectations of very large ending stocks of Canadian canola in 2013/14 (Aug/Jul) further undermined values.
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However, spillover support from the advances seen in Chicago soyoil and Malaysian palm oil futures helped to limit the losses.
Ideas that canola is still more attractively priced than other oilseeds kept a firm floor under the market, participants added.
As of 8:37 CST Tuesday, about 1,350 contracts had traded. Activity is expected to be light and choppy throughout the day, as traders position themselves ahead of the New Year. Markets will be closed on Wednesday for New Year’s Day.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:37 CST:
