By Phil Franz-Warkentin, Commodity News Service Canada
November 7, 2013
Winnipeg – Canola contracts on the ICE Futures Canada platform were lower at 10:46 CST Thursday, as sharp declines in CBOT soyoil weighed on prices.
Malaysian palm oil and European rapeseed futures were also down in overnight activity.
Bearish technical signals contributed to the losses in canola, with speculators on the sell side as prices drifted towards nearby support, said a trader.
However, while the declines in soyoil provided the catalyst for the move down in canola, CBOT soybeans were higher on Thursday on the back of solid export demand.
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A lack of significant farmer selling remained supportive for canola as well, with producers still content to wait on the sidelines for the time being, according to participants.
The USDA will release its first supply/demand report in two months on Friday, and traders were generally said to be showing some caution ahead of the data.
About 7,000 canola contracts had traded as of 10:46 CST.
Milling wheat, durum, and barley futures were untraded on Thursday.
Prices in Canadian dollars per metric ton at 10:46 CST:
