By Terryn Shiells, Commodity News Service Canada
December 27, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were moving lower at 10:43 CST Friday, hitting fresh contract lows in the process.
The market was catching up with the losses seen in Chicago soybeans on Thursday, analysts said. Canadian markets were closed for Boxing Day on Thursday, while US markets were open.
Continued problems within Canada’s grain handling system, which will prevent the entire Canadian canola supply from moving this year, further undermined values.
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Speculative based selling and a bearish technical bias were also responsible for some of the downward price slide.
However, spillover support from the slight advances seen in Chicago soybeans on Friday limited the declines, as did oversold price sentiment.
Support also came from the sharp downswing in the value of the Canadian dollar, which made canola more attractive to some end users.
Activity was on the quiet side as many traders were on the sidelines during the holiday season. As of 10:43 CST Friday, about 12,155 contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:43 CST:
