By Terryn Shiells, Commodity News Service Canada
December 9, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were firmer Monday morning, correcting from the sharp declines seen on Friday, analysts said.
Some of the price firmness was also linked to spillover support from the advances seen in Chicago soybean futures.
Positioning ahead of Tuesday’s USDA report was lifting soybeans.
Ideas that canola is more attractively priced than other oilseeds added to the bullish tone, as did weakness in the value of the Canadian dollar.
However, spillover pressure from the declines seen in Chicago soyoil futures limited the upside, as did the large Canadian canola crop.
A bearish technical bias and reports that South America’s soybean crop is off to a good start also weighed on canola prices.
As of 8:44 CST Monday, about 7,515 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 8:44 CST:
