By Terryn Shiells, Commodity News Service Canada
December 11, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed Wednesday morning, as the market was consolidating following recent sharp declines, analysts said.
Spillover support came from the gains seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
Good crusher demand, as crush margins have improved greatly recently, further underpinned values.
Ideas that canola is underpriced compared to oilseeds and oversold price sentiment kept a firm floor under the market.
On the other side, the large Canadian canola supply situation and logistical issues in Western Canada continued to overhang prices.
The upswing in the value of the Canadian dollar and a pickup in farmer selling in Western Canada were also bearish for canola.
As of 8:45 CST Wednesday, about 15,405 contracts had traded.
Durum and barley futures were untraded and unchanged. Milling wheat prices were also untraded, though the Exchange moved prices lower after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:45 CST:
