By Phil Franz-Warkentin, Commodity News Service Canada
November 18, 2013
Winnipeg – ICE Canada canola contracts were mixed Monday morning, seeing some consolidation to start the week after dropping sharply on Friday.
Ideas that Friday’s losses were overdone provided some underlying support for canola, with the market still holding above key chart levels, according to participants.
Steady end user demand and a lack of significant farmer selling at the lows were also supportive.
However, the record large crop grown this year remains a bearish influence overhanging the market. The softer tone in CBOT soyoil, strength in the Canadian dollar, and relatively favourable South American crop conditions also put some pressure on values.
About 1,600 canola contracts had traded as of 8:44 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat did see some price adjustments following Friday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
