By Terryn Shiells, Commodity News Service Canada
November 20, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:55 CST Wednesday, as the market was continuing to consolidate following recent losses, analysts said.
The large Canadian canola crop also continued to overhang the market, as did news that the US soybean crop has high oil content.
Some of the weakness was also linked to the upswing in the value of the Canadian dollar, as it made canola less attractive to foreign buyers.
However, the losses were limited by spillover support from the advances seen in outside oilseeds, including Chicago soyoil and Malaysian palm oil futures.
Some technical based buying could also come in and support the market as prices near the key technical support level of C$480 per tonne, brokers said.
As of 10:55 CST Wednesday, about 8,575 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:55 CST:
