By Terryn Shiells, Commodity News Service Canada
December 31, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:41 CST Tuesday amid quiet, choppy activity as traders were evening positions ahead of the New Year.
Some of the price weakness was linked to profit taking following Monday’s sharp advances, analysts said.
Spillover pressure from the declines seen in Chicago soybean futures further undermined prices, as did the upswing in the value of the Canadian dollar.
The large Canadian canola supply situation and problems within Canada’s grain handling system continued to overhang the market.
However, ideas that canola is undervalued compared to other oilseeds limited the downside.
Canola futures also found some spillover support from the gains seen in Chicago soyoil and Malaysian palm oil futures.
As of 10:41 CST Tuesday, about 5,720 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 10:41 CST:
