By Terryn Shiells, Commodity News Service Canada
November 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly weaker Thursday morning, as the market was lacking direction due to the US markets being closed for their Thanksgiving holiday.
The large Canadian canola crop continues to be a bearish influence on prices, as do the logistical issues in moving the huge crop, analysts said.
Reports that the South American soybean crop is off to a good start amid favourable weather conditions further undermined values.
However, the losses were limited by some spillover support from the advances seen in Malaysian palm oil futures in overnight activity.
General weakness in the value of the Canadian dollar was also supportive, as it kept canola looking more attractive to crushers.
Activity was very light due to the closure of US markets. As of 8:35 CST Thursday, only about 746 contracts had traded.
Milling wheat, durum and barley futures were untraded following some price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:35 CST:
