By Terryn Shiells, Commodity News Service Canada
December 10, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, undermined by follow-through selling from Monday’s losses. The technical bias is now bearish for canola, analysts added.
Spillover pressure from the declines seen in European rapeseed, Malaysian palm oil and Chicago soybean futures in early and overnight activity added to the bearish tone.
A pickup in farmer selling, the large Canadian canola crop and logistical issues in Western Canada further undermined values.
However, spillover support from the advances seen in Chicago soyoil futures helped to limit the losses, as did ideas that canola is underpriced compared to other oilseeds.
Trade activity was quiet and choppy as some participants were on the sidelines ahead of the release of the USDA’s monthly crop report at 11:00 CST Tuesday morning.
As of 8:42 CST Tuesday, about 7,465 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:42 CST:
