By Terryn Shiells, Commodity News Service Canada
December 19, 2013
WINNIPEG – ICE Futures Canada Canola contracts moved to lower ground on Thursday, with the nearby contracts testing support, analysts said.
Canola futures were said to be catching up with the sharp declines seen in Chicago soybeans on Wednesday. Traders noted that canola futures held up better than soybeans on Wednesday.
The large Canadian canola supply situation, logistical problems within Canada’s grain handling system and expectations of a big carryout into next year continued to overhang the market.
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The technical bias is pointed lower in canola, which also encouraged some of the selling, as did the stronger Canadian dollar.
Speculative based selling ahead of the holiday season and New Year added to the bearish tone.
However, spillover support from the gains in outside oilseeds, including the Chicago soy complex, limited the losses.
About 35,683 canola contracts were traded on Thursday, which compares with Wednesday when 39,929 contracts changed hands. Spreading accounted for 32,194 of the trades.
Milling wheat, durum and barley prices were untraded following price revisions after the close on Wednesday.
Settlement prices are in Canadian dollars per metric ton.
