By Terryn Shiells, Commodity News Service Canada
November 18, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid choppy activity at 10:39 CST Monday.
Spillover pressure from the losses seen in Chicago soyoil futures helped to weigh on values, as did general weakness in the global vegetable oil market. Vegetable oil prices are moving lower in reaction to the US Environmental Protection Agency’s proposal on Friday to reduce its ethanol mandate, brokers said.
The upswing in the value of the Canadian dollar was also bearish, as it made canola more expensive to crushers and exporters.
On the other side, routine commercial buying at the lows helped to provide some support for prices, analysts added.
Continued slow farmer selling in Western Canada and some spillover support from the gains seen in Chicago soybeans also underpinned values.
As of 10:39 CST Monday, about 7,845 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:39 CST:
