By Terryn Shiells, Commodity News Service Canada
November 8, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower at 10:20 CST Friday, following the losses seen in Chicago soyoil futures, analysts said.
Spillover pressure from the losses seen in Malaysian palm oil and European rapeseed futures added to the bearish tone.
Technical based selling, the large Canadian canola supply situation and continued expectations of a record large South American soybean crop further undermined prices.
However, the downswing in the value of the Canadian dollar helped to limit the losses, as it made canola more attractive to crushers and exporters.
Some spillover support also came from the advances seen in Chicago soybeans.
Activity was on the light side, as traders were waiting for the release of the USDA’s supply and demand report at 11:00 CST. The report is expected to cause volatility in the market, as it’s the first one since September.
As of 10:20 CST Friday, about 10,711 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:20 CST:
