By Terryn Shiells, Commodity News Service Canada
December 18, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker Wednesday morning, following the declines seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures, analysts said.
The large Canadian canola supply situation and problems with Canada’s grain handling system also continued to weigh on prices.
Expectations of large global soybean production this year further undermined values, as did bearish chart signals.
However, the downswing in the value of the Canadian dollar limited the losses, as it made canola more attractive to exporters.
Positive crush margins for domestic crushers also encouraged some buying which tempered the downside in canola, brokers said.
As of 8:35 CST Wednesday, about 4,320 contracts had traded.
Milling wheat, durum and barley futures were untraded after the Exchanged moved prices lower for all three commodities following the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:35 CST:
