By Phil Franz-Warkentin, Commodity News Service Canada
October 29, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were posting small losses at 10:49 CDT Tuesday, after bouncing around both sides of unchanged in choppy, two-sided activity.
A lack of fresh export business accounted for some of the weakness in canola, according to a broker. Monday’s losses were also bearish from a technical standpoint.
A firmer tone in CBOT soyoil did provide some underlying support for canola, although nervousness in the US market ahead of Thursday’s USDA export sales report also kept some caution in the futures overall. The USDA will release three weeks worth of data as it catches up following the government shutdown earlier this month.
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Farmer selling was largely absent from the market, as producers have “locked up their bins” for the time being, according to a broker.
Talk of possible frost damage to canola crops in Australia helped underpin the Canadian futures as well, said participants.
About 9,500 canola contracts had traded as of 10:49 CDT. The November/January spread was a feature as participants continue to exit the front month.
Milling wheat, durum, and barley futures were untraded on Tuesday, after wheat saw some adjustments following Monday’s close.
Prices in Canadian dollars per metric ton at 10:49 CDT:
