By Terryn Shiells, Commodity News Service Canada
November 19, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:41 CST Tuesday, following the losses seen in Chicago soybean and soyoil futures.
Declines seen in Malaysian palm oil and European rapeseed futures overnight also spilled over to weigh on canola values.
Some technical based selling, as the January contract moved below key chart levels, was also bearish, as was some farmer selling of canola, analysts said.
However, good scale-down commercial buying interest at the lows helped to limit the losses in canola, as did weakness in the value of the Canadian dollar.
The market is expected to trade in a two-sided pattern for the rest of the day, as it consolidates following sharp losses seen on Friday and Monday, brokers said.
As of 10:41 CST Tuesday, about 18,190 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CST:
