By Phil Franz-Warkentin, Commodity News Service Canada
November 26, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were posting small losses at 10:52 CST Tuesday, as declines in the CBOT soy complex spilled over to put some pressure on values.
Overnight losses in Malaysian palm oil contributed to the softer tone in canola, according to participants. Canada’s record large crop continues to overhang the canola market as well.
However, canola was lagging soybeans to the downside, with steady end user demand providing some support. Crush margins remain at favourable levels, keeping the domestic processors on the buy side.
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Activity was very quiet as canola was generally said to be consolidating within a narrow range. The US markets will be closed later this week for the Thanksgiving holiday, and some participants on both sides of the border were already starting to move to the sidelines.
About 6,000 canola contracts had traded as of 10:52 CST.
Milling wheat, durum, and barley futures were untraded on Tuesday, after wheat saw some minor price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 10:52 CST:
