By Terryn Shiells, Commodity News Service Canada
November 5, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were lower at 10:37 CST Tuesday, giving back Monday’s gains, as there was no real reason for the market to move higher, brokers said.
Expectations of a record large South American soybean crop and the large Canadian canola supply situation also continued to overhang the market.
Chicago soybean futures were weaker at midday Tuesday, and spillover pressure from that market helped to further undermine values, traders said.
However, the losses were limited by continued slow farmer selling and the downswing in the value of the Canadian dollar.
Canola futures should continue in a rangebound pattern until Friday, November 8, when the USDA releases its supply and demand report, analysts added.
As of 10:37 CST Tuesday, about 9,185 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CST:
