By Phil Franz-Warkentin, Commodity News Service Canada
November 25, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:48 CST Monday, as declines in the CBOT soy complex spilled over to put some pressure on values.
A lack of follow-through buying interest on last week’s advances contributed to the softer tone in canola, with the Canadian market generally consolidating within a narrow range, according to participants.
While steady export and domestic crusher demand does remain supportive for canola, Canadian supplies are still very large and the likelihood of burdensome ending stocks is overhanging the market, said a broker.
The losses in canola were tempered by the weaker tone in the Canadian dollar. Ideas that canola had lagged soybeans to the upside recently were also providing some underlying support.
About 13,000 canola contracts had traded as of 10:48 CST.
Milling wheat, durum, and barley futures were untraded on Monday.
Prices in Canadian dollars per metric ton at 10:48 CST:
