By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 7, 2014
Winnipeg – ICE Canada canola contracts were slightly lower Tuesday morning, taking some direction from the declines seen in most outside oilseed markets.
Malaysian palm oil, European rapeseed, and CBOT soyoil were all down in overnight activity.
The overall trend remains softer for canola from both a technical and a fundamental standpoint, according to participants.
Canada’s record large canola crop and the logistics issues moving it remained a bearish influence. Favourable crop prospects for soybeans in South American were also said to be weighing on the oilseeds in general.
On the other side, a softer tone in the Canadian dollar did provide some underlying support for canola. Scale-down end user demand and ongoing ideas that canola is still cheap compared to other oilseeds were also supportive.
About 4,500 canola contracts had traded as of 8:46 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:46 CST:
