By Phil Franz-Warkentin, Commodity News Service Canada
Jan. 8, 2014
Winnipeg – ICE Canada canola contracts were posting small losses Wednesday morning, seeing some follow-through selling after dropping sharply at Tuesday’s close.
Overnight declines in the CBOT soy complex, Malaysian palm oil, and European rapeseed put some spill-over pressure on canola as well, according to participants.
Canola was testing fresh contract lows in early activity as the technical bias remains pointed lower. Canada’s record large crop and the logistics issues moving it also continued to weigh on prices.
On the other side, a softer tone in the Canadian dollar did provide some underlying support for canola. Scale-down end user demand and ongoing ideas that canola is still cheap compared to other oilseeds were also supportive.
About 4,000 canola contracts had traded as of 8:43 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged after wheat saw some minor price revisions following Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
