By Terryn Shiells, Commodity News Service Canada
December 2, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker at 10:43 CST Monday, as the large Canadian canola supply situation continued to overhang prices, analysts said.
Logistical issues in moving the large Canadian canola crop and expectations that Statistics Canada’s December 4 crop report will show larger canola production were also bearish.
Usage of canola has been slightly below expectations so far this year, and the resulting prospect of larger than anticipated carryout stocks also weighed on the market.
Spillover pressure from the declines seen in Chicago soybean, Malaysian palm oil and European rapeseed futures further undermined prices.
However, the losses were limited by spillover support from the gains seen in Chicago soyoil futures and the downswing in the value of the Canadian dollar.
As of 10:43 CST Monday, about 8,440 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:43 CST:
