By Terryn Shiells, Commodity News Service Canada
October 28, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, after chopping around on both sides of unchanged during overnight and early activity.
Some of the weakness in futures was linked to spillover pressure from the losses seen in the Chicago soybean complex and European rapeseed futures.
Expectations of a record large South American soybean crop and the advancing soybean harvest in the US were also bearish, traders said.
Chart-based selling, as the short term technical bias seems to be pointed lower, further undermined values.
However, general weakness in the value of the Canadian dollar helped to limit the declines, as did a slowdown in farmer selling following recent losses.
Spillover support from the gains seen in Malaysian palm oil futures overnight was also bullish.
As of 8:45 CDT Monday, 7,012 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:45 CDT:
