By Terryn Shiells, Commodity News Service Canada
December 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:48 CST Tuesday, with some of the losses linked to nervousness ahead of Wednesday’s Statistics Canada production report, analysts said.
The market was said to be liquidating positions in case the production figure is surprisingly high. Trade guesses show that the Canadian canola crop could be as large as 18 million tonnes, up from Statistics Canada’s previous guess of a record large 15.96 million tonnes, and the 13.87 million tonnes grown in 2012/13.
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The price softness was also linked to logistical issues moving the large Canadian crop, technical selling and spillover pressure from the losses in Chicago soyoil.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as did spillover support from the advances in Chicago soybeans.
There was also some good chart support helping to keep a firm floor under the market, brokers added.
As of 10:48 CST Tuesday, about 11,495 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:48 CST:
