By Terryn Shiells, Commodity News Service Canada
November 15, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform eased Friday morning, following the losses seen in Chicago soybean futures, traders said.
Ideas that Thursday’s advances were overdone, and that prices needed to correct lower, were also bearish.
The large Canadian canola crop continued to overhang the market, as did expectations of a record large South American soybean crop.
However, some spillover support from the positive tone seen in Malaysian palm oil and Chicago soyoil futures limited the declines.
Solid end-user demand for canola was supportive, as was continued slow farmer selling.
Canola futures are expected to remain rangebound overall until some fresh news comes in to move the market, analysts said.
As of 8:41 CST Friday, 2,430 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:41 CST:
