By Terryn Shiells, Commodity News Service Canada
November 25, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, following the losses seen in the Chicago soy complex.
Spillover pressure from the declines seen in Malaysian palm oil and European rapeseed futures overnight added to the bearish tone.
Some of the price softness was also linked to ideas that recent advances were overdone and the market needed to correct lower, analysts said.
The large Canadian canola supply situation and good conditions for the upcoming South American soybean crop further undermined prices.
However, the losses were limited by the downswing in the value of the Canadian dollar, which made canola more attractively priced to exporters and crushers.
Some technical based buying, as the bias has shifted to the upside, also provided support for canola futures.
As of 8:42 CST Monday, 3,350 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CST:
