By Terryn Shiells, Commodity News Service Canada
January 2, 2014
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, following the declines seen in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Losses seen in the Chicago soy complex in early activity also put downward pressure on the market.
Profit taking following the recent advances further undermined values, as did the large Canadian canola supply situation.
The upswing in the value of the Canadian dollar added to the bearish tone, as did expectations that 2013/14 (Aug/Jul) ending stocks of Canadian canola will be very large.
However, continued ideas that canola is more attractively priced than other oilseeds helped to limit the downside.
As of 8:47 CST Thursday, about 3,800 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Tuesday. The market was closed Wednesday for New Year’s Day.
Prices in Canadian dollars per metric ton at 8:47 CST:
