By Terryn Shiells, Commodity News Service Canada
December 2, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, following the declines seen in Chicago soybean futures, analysts said.
Spillover pressure from the declines seen in Malaysian palm oil and European rapeseed futures overnight further undermined prices.
The large Canadian canola crop and expectations that Statistics Canada will increase their canola production estimate in their report on Wednesday added to the bearish tone.
Technical based selling and logistical issues moving the large Canadian crop also weighed on prices.
However, spillover support from the advances seen in Chicago soyoil futures limited the declines, as did weakness in the value of the Canadian dollar.
As of 8:45 CST Monday, only about 2,695 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CST:
