By Phil Franz-Warkentin, Commodity News Service Canada
November 28, 2013
Winnipeg – ICE Futures Canada canola contracts settled lower on Thursday, but still rangebound overall in quiet trade.
US markets were closed Thursday for the Thanksgiving holiday, and the lack of direction from the CBOT soy complex limited the activity in the Canadian market as well, said participants.
Canada’s record large canola crop and logistical issues moving those supplies remained bearish for canola prices. The relatively favourable crop prospects for soybeans in South America were also overhanging the oilseed markets in general, said traders.
The Canadian dollar was holding steady on Thursday, but the recent weakness in the currency did provide some underlying support for canola. Overnight advances in Malaysian palm oil also provided some spillover support.
Only 4,480 canola contracts were traded on Thursday, which compares with Wednesday when 30,087 contracts changed hands.
Milling wheat, durum and barley futures were untraded.
Settlement prices are in Canadian dollars per metric ton.
