By Phil Franz-Warkentin, Commodity News Service Canada
October 7, 2014
Winnipeg – ICE Canada canola contracts were down Tuesday morning, seeing a modest correction following Monday’s rally amid ideas that the gains were overdone.
A softer tone in the CBOT soy complex put some spillover pressure on the canola market as well, as expectations for a record large US soybean crop continue to weigh on the oilseeds in general.
Ideas that Canada’s canola crop will end up above earlier also weighed on prices, as the harvest continues to progress across the Prairies.
On the other side, Monday’s rally did shift the nearby technical bias back to the upside, which provided some support. A weaker tone in the Canadian dollar and harvest-delaying wet weather across some areas of North America were also supportive.
About 4,500 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged, after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:50 CDT:
