By Terryn Shiells, Commodity News Service Canada
December 27, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were little changed amid quiet holiday mode activity Friday morning.
Downward pressure was said to be coming from the losses seen in the Chicago soy complex on Thursday, when US markets were open and Canadian markets were closed for Boxing Day, according to analysts.
Speculative based selling and a bearish technical bias also weighed on canola futures.
The large Canadian canola crop and logistical issues within the Canadian grain handling system continued to overhang prices.
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On the other side, spillover support from the advances seen in the Chicago soy complex Friday morning underpinned canola values.
Sentiment that the market is oversold was also supportive, as was steady demand for canola.
The weaker Canadian dollar was bullish as well, as it made canola more attractive to exporters and crushers.
As of 8:33 CST Friday, about 3,510 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Tuesday. Canadian markets were closed on Wednesday and Thursday for Christmas and Boxing Day.
Prices in Canadian dollars per metric ton at 8:33 CST:
