By Terryn Shiells, Commodity News Service Canada
November 19, 2013
WINNIPEG – ICE Futures Canada Canola contracts were narrowly mixed on Tuesday, as the market was consolidating following sharp losses seen during the past two trading sessions.
Spillover pressure from the losses seen in outside oilseeds, including the Chicago soy complex, Malaysian palm oil and European rapeseed futures, helped to weigh on canola values.
A light pickup in farmer selling put further downward pressure on prices, as did some chart-based selling.
On the other side, solid scale-down commercial buying interest following recent losses provided support for futures.
The downswing in the value of the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
About 29,350 canola contracts were traded on Tuesday, which compares with Friday when 18,540 contracts changed hands. Spreading accounted for 18,636 of the trades made.
Milling wheat, durum and barley prices were untraded and unchanged.
Settlement prices are in Canadian dollars per metric ton.
