By Terryn Shiells, Commodity News Service Canada
November 26, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following the losses seen the Chicago soy complex, analysts said.
Spillover pressure from the losses seen in Malaysian palm oil and European rapeseed futures overnight further undermined prices.
The large Canadian canola supply situation and good conditions for the upcoming South American oilseed crop were also bearish.
However, general weakness in the value of the Canadian dollar limited the losses, as it made canola less expensive to crushers and exporters.
A lack of significant farmer selling and ideas that canola is more attractively priced than other oilseeds kept a firm floor under the market.
Activity was light and choppy, and is expected to remain that way for the rest of the week due to the upcoming US Thanksgiving holiday on Thursday. As of 8:41 CST Tuesday, 1,805 canola contracts had traded.
Milling wheat, durum and barley futures were untraded following some price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:41 CST:
