By Terryn Shiells, Commodity News Service Canada
December 30, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were holding steady Monday morning amid quiet activity due to the holiday season.
A bearish technical bias, as canola fell to fresh contract lows on Friday, put some downward pressure on values, analysts said.
Spillover pressure from the declines seen in Chicago soybeans and soyoil was also bearish.
The large Canadian canola crop, logistical problems in Western Canada and expectations of a large carryout continued to overhang the market.
On the other side, talk that canola is more attractively priced compared to other oilseeds provided support, as did general weakness in the value of the Canadian dollar.
Sentiment that the market is oversold and due for a corrective bounce was also bullish.
As of 8:43 CST Monday, about 2,810 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:43 CST:
