By Terryn Shiells, Commodity News Service Canada
December 3, 2013
WINNIPEG – ICE Futures Canada Canola contracts were weaker on Tuesday, as traders were said to be liquidating positions ahead of Wednesday’s Statistics Canada production report in case of any surprises.
The top of trade guesses are around 18 million tonnes for 2013/14 Canadian canola production, up from StatsCan’s previous guess of 15.96 million tonnes.
Canola futures were also undermined by spillover pressure from the declines seen in Chicago soyoil futures and technical based selling.
Continued logistical problems in moving the large Canadian canola crop were also overhanging prices.
However, solid chart support as prices moved closer to key levels and the weaker Canadian dollar helped to limit the declines.
About 24,772 canola contracts were traded on Tuesday, which compares with Monday when 29,132 contracts changed hands. Spreading accounted for 19,212 of the trades.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
