By Terryn Shiells, Commodity News Service Canada
November 13, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, following the losses seen in Chicago soybean futures, analysts said.
The large Canadian canola supply situation added to the bearish tone, as did expectations of a record large South American soybean crop. Conditions have been generally good for soybean crop planting and development in South America so far.
Reports of high oil content in this year’s US soybean crop, which would make it even more competitive to canola, further undermined prices.
However, some spillover support from the advances seen in Chicago soyoil and Malaysian palm oil futures helped to limit the declines.
Continued weakness in the value of the Canadian dollar kept a firm floor under the market, as it made canola more attractive to crushers and exporters.
As of 8:33 CST Wednesday, 2,075 canola contracts had traded.
Milling wheat, durum and barley futures were untraded, though milling wheat prices were revised slightly lower after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:33 CST:
