By Terryn Shiells, Commodity News Service Canada
November 18, 2013
WINNIPEG – ICE Futures Canada canola contracts closed weaker on Monday, following the declines seen in Chicago soyoil futures, analysts said.
General weakness in the global vegetable oil market, due to Friday’s US Environmental Protection Agency proposal to lower its ethanol mandate, was also bearish for prices.
The upswing in the value of the Canadian dollar further undermined prices, as it made canola more expensive to crushers and exporters.
The large Canadian canola supply situation and good conditions for the upcoming South American soybean crop continued to overhang the market.
However, the losses were limited by spillover support from the advances seen in Chicago soybean futures, brokers noted.
About 18,540 canola contracts were traded on Monday, which compares with Friday when 24,570 contracts changed hands. Spreading accounted for 12,212 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
