By Terryn Shiells, Commodity News Service Canada
October 29, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid choppy activity Tuesday morning.
Canola futures were undermined by spillover pressure from the losses seen in European rapeseed futures and the large Canadian canola supply situation, analysts said.
Technical based selling, as the bias is now pointed lower, further undermined values, as did expectations of a record large South American soybean crop.
On the other side, spillover support from the advances seen in the Chicago soy complex and Malaysian palm oil futures helped to underpin values.
General weakness in the value of the Canadian dollar, as it remains below the 96 cents US mark, was also bullish, as it made canola more attractive to crushers and exporters.
As of 8:40 CDT Tuesday, 3,015 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:40 CDT:
