By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 3, 2014
Winnipeg – ICE Canada canola contracts were weaker Monday morning, taking back some of Friday’s gains as the market failed to see any follow-through buying interest.
Canada’s record large canola crop and the ongoing logistics issues moving it out of the Prairies remained a bearish influence on the canola market, according to participants.
A firmer tone in the Canadian dollar, which was trading back above 90 US cents Monday morning, put some further pressure on canola values.
Losses in CBOT soyoil were also weighing on canola, but soybeans were higher which provided some support.
Ideas that canola is cheap compared to most other oilseeds were also underpinning the futures, and canola was well off its overnight lows in early activity.
About 2,500 canola contracts had traded as of 8:43 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
