By Phil Franz-Warkentin, Commodity News Service Canada
November 15, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:51 CST Friday, as sharp declines in CBOT soybeans spilled over to put some pressure on the Winnipeg market.
Improving crop prospects in South America and increased farmer selling provided the catalyst for the downturn in CBOT soybeans, and in turn canola, according to participants.
The record large supply situation remains a bearish influence overhanging the canola market as well, providing the futures with little incentive to move higher in the absence of any fresh supportive news, said a trader.
While early gains in CBOT soyoil did help temper the losses in canola, soyoil eventually turned lower as well and exaggerated the declines in canola.
Technical support was holding to the downside, with canola still rangebound overall. A firmer tone in Malaysian palm oil overnight was underpinning the futures as well.
About 11,000 canola contracts had traded as of 10:51 CST.
Milling wheat, durum, and barley futures were untraded on Friday.
Prices in Canadian dollars per metric ton at 10:51 CST:
