By Phil Franz-Warkentin, Commodity News Service Canada
September 30, 2013
Winnipeg – ICE Futures Canada canola contracts were down on Monday, as losses in the CBOT soy complex spilled over to weigh on values.
Soybeans had a bearish reaction to quarterly stocks data released by the USDA this morning, and canola moved down in sympathy with its US counterpart, according to participants.
The advancing Canadian harvest and expectations for a record large canola crop added to the softer tone. Statistics Canada releases updated production estimates on Friday, October 4, and many market participants are forecasting canola production to come in above 16.0 million tonnes.
However, canola lagged soybeans to the downside as solid end user demand, especially from domestic crushers, provided some support. Favourable chart signals were also said to be helping limit the losses in canola.
About 27,914 canola contracts were traded on Monday, which compares with Friday when 26,378 contracts changed hands. Spreading accounted for 15,908 of the contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
