By Terryn Shiells, Commodity News Service Canada
December 12, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Thursday morning, following the declines seen in European rapeseed and Malaysian palm oil futures overnight, analysts said.
Spillover pressure from the losses seen in the Chicago soybean complex further undermined canola values.
The large Canadian canola supply situation and logistical issues moving the huge crop added to the bearish tone, as did good weather for South America’s soybean crop.
However, ideas that canola is oversold and due for a corrective bounce helped to limit the declines, as did weakness in the value of the Canadian dollar.
As of 8:37 CST Thursday, about 6,110 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions by the Exchange after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:37 CST:
