By Terryn Shiells, Commodity News Service Canada
December 17, 2013
WINNIPEG – ICE Futures Canada Canola contracts were firmer on Tuesday, as prices were continuing to correct higher after falling to fresh lows last week, analysts said.
Some of the buying was also sparked by sentiment that canola prices are looking more attractive than some other oilseeds. Short covering and buying was noted from commercials and crushers.
Spillover support from the gains seen in Chicago soybeans added to the bearish tone, as did weakness in the Canadian dollar.
However, spillover pressure from the declines seen in Chicago soyoil limited the advances, as did a bearish technical bias.
The large Canadian canola crop and problems moving the huge supplies continued to overhang prices.
About 35,447 canola contracts were traded on Tuesday, which compares with Monday when 34,789 contracts changed hands. Spreading accounted for 32,204 of the trades.
Milling wheat, durum and barley prices were untraded following price revisions after the close on Monday.
Settlement prices are in Canadian dollars per metric ton.
