By Terryn Shiells, Commodity News Service Canada
October 1, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, undermined by spillover pressure from the losses seen in outside oilseeds, analysts said. Malaysian palm oil, European rapeseed futures and the Chicago soy complex were all weaker.
Some of the downward price action seen in the Chicago soy markets and canola was linked to Monday’s USDA stocks report which showed higher than expected US soybean stocks as of September 1.
Pressure from the advancing harvest in Western Canada and a pickup in farmer selling further weighed on canola futures.
Expectations that Statistics Canada will increase its canola production estimate in its report this Friday added to the bearish tone.
However, the losses were limited by strong commercial buying interest and the downswing in the value of the Canadian dollar.
As of 8:38 CDT Tuesday, 4,110 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:38 CDT:
