By Phil Franz-Warkentin, Commodity News Service Canada
November 8, 2013
Winnipeg – ICE Canada canola contracts were weaker Friday morning, as losses in CBOT soyoil and bearish technical signals weighed on values.
Malaysian palm oil and European rapeseed futures were also down in overnight activity.
The USDA releases its’ much anticipated supply/demand report at 11:00 CST today, and the data is likely to trigger a sharp move one way or the other in the grains and oilseeds. The report is the first in two months, after the October report was cancelled.
A continued lack of significant farmer selling, together with steady end user demand did help underpin canola. Chart support was also holding to the downside.
About 3,500 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded, although wheat did see some price adjustments following Thursday’s close.
Prices in Canadian dollars per metric ton at 8:45 CST:
