By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 3, 2013
Winnipeg – ICE Canada canola contracts were lower Tuesday morning in choppy trade, taking some direction from the softer tone in CBOT soybeans and soyoil.
Statistics Canada releases their final production estimates of the year on Wednesday and uncertainty ahead of the report was keeping some caution in the market. Traders are generally anticipating an upward revision to the already record large previous estimate, but the extent of that adjustment remains to be seen.
Logistical issues moving Canada’s large crop, bearish technical signals, and relatively favourable prospects for soybeans in South America were also weighing on prices.
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However, canola was underpinned by the continued weakness in the Canadian dollar, which was trading near its lowest levels in three years relative to its US counterpart.
Ideas that canola was looking cheap compared to other oilseeds were also supportive.
About 3,400 canola contracts had traded as of 8:42 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat saw some price adjustments following the close.
Prices in Canadian dollars per metric ton at 8:42 CST:
