By Terryn Shiells, Commodity News Service Canada
December 19, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were little changed amid choppy activity Thursday morning.
The large Canadian canola crop continued to be bearish, as did expectations of larger carryout stocks due to slower usage and logistical problems in Western Canada, analysts said.
Expectations of a record large South American soybean crop, and talk that Australia’s canola crop may be larger than anticipated also weighed values.
On the other side, sentiment that the market is oversold and ideas that canola is undervalued compared to other oilseeds limited the declines.
Spillover support also came from the advances seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures.
As of 8:42 CST Thursday, about 12,405 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Wednesday.
Prices in Canadian dollars per metric ton at 8:42 CST:
