By Terryn Shiells, Commodity News Service Canada
December 6, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:46 CST Friday, with some of the softness linked to spillover pressure from the declines seen in Chicago soybean futures, analysts said.
The market also continued to react to Wednesday’s bearish Statistics Canada report, which showed a surprisingly large 18.0 million tonne canola crop for this year.
Expectations that Canadian farmers will carry more canola supplies over into next year, due to the larger crop and logistical problems, further undermined prices.
However, the losses were limited by good crusher demand and spillover support from the firmness in Chicago soyoil values.
Canola futures broke below key support, which could result in a bounce later in the trading day. But, if the market closes below key levels, selling could build on itself, brokers added.
As of 10:46 CST Friday, about 15,150 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 10:46 CST:
