By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 21 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, following the losses seen in the Chicago soy complex, analysts said.
Some chart-based selling, as well as expectations of large 2013/14 (Aug/Jul) carryout stocks of Canadian canola also undermined the futures.
A pickup in farmer hedging following recent advances, and ahead of spring seeding, weighed on the market as well.
Nervousness ahead of Statistics Canada’s planting intentions report on April 24, which is expected to show an increase in canola acreage, was also bearish.
However, continued ideas that canola is undervalued compared to other oilseeds limited the losses, as did the weaker Canadian dollar.
As of 8:48 CDT Monday, about 8,350 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday. Markets were closed for Good Friday on Friday.
Prices in Canadian dollars per metric ton at 8:48 CDT:
