By Phil Franz-Warkentin, Commodity News Service Canada
October 28, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:41 CDT Monday, taking some direction from the declines in CBOT soybeans and soyoil.
The advancing US soybean harvest and reports of good yields accounted for some of the selling in that market, according to a Canadian broker who noted that the weakness in the US spilled into the Canadian futures.
European rapeseed futures were also lower in overnight trade, although Malaysian palm oil was higher.
Canola was lagging soybeans to the downside, and the Canadian futures were looking rangebound overall, according to a broker. He said solid end user demand was providing good support underneath the market, while any gains would likely encourage an increase in farmer selling.
About 20,000 canola contracts had traded as of 10:41 CDT, with November/January spread a feature as participants continue to roll out of the front month.
Milling wheat, durum, and barley futures were untraded on Monday.
Prices in Canadian dollars per metric ton at 10:41 CDT:
