By Phil Franz-Warkentin, Commodity News Service Canada
October 15, 2013
Winnipeg – ICE Canada canola contracts were posting small losses Tuesday morning in choppy trade.
A move higher in the CBOT soy complex on Monday, when Canadian markets were closed for Thanksgiving, provided some underlying support for canola. However, while soyoil was still pointed higher, soybeans were turning lower Tuesday morning. The overall uncertainty in the US markets was keeping some caution in the canola market.
The record large Canadian crop prospects and improving US harvest conditions were also bearish for canola, according to traders.
On the other side, end user demand for canola remains solid, with both exporters and domestic crushers making purchases as canola remains favourably priced compared to other oilseeds.
A lack of significant farmer selling, as producers appear content to store their canola for the time being in hopes of seeing higher prices in the future.
About 5,000 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:54 CDT:
