By Terryn Shiells, Commodity News Service Canada
October 11, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Friday morning, undermined by profit taking following Thursday’s advances, analysts said.
Spillover pressure from the losses seen in Chicago soybeans and soyoil also contributed to some of the price weakness. Malaysian palm oil and European rapeseed futures were softer in overnight activity as well.
Expectations that the Canadian canola crop will produce more than 16 million tonnes this year were bearish, as was a pickup in farmer selling following Thursday’s advances.
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Pressure from the advancing North American oilseed harvest added to the bearish tone.
However, steady commercial demand for canola helped to keep a firm floor under the market.
Activity is expected to be choppy throughout the day as traders position themselves ahead of the Canadian long weekend, as ICE Futures Canada will be closed on Monday for Thanksgiving.
As of 8:37 CDT Friday, 9,190 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:37 CDT:
