By Terryn Shiells, Commodity News Service Canada
August 27, 2013
WINNIPEG – ICE Futures Canada canola contracts closed lower on Tuesday, following the losses seen in Chicago soybeans and soyoil, analysts said.
Profit taking and farmer selling following yesterday’s rally was bearish, as were ideas that the advances on Monday were overdone and a downward correction was needed.
Expectations that Western Canada will produce a very large canola crop, as weather conditions are generally favourable, were also bearish.
However, the gains were limited by continued worries about frost damage in Western Canada and dry weather harming US soybean crops.
About 33,084 canola contracts were traded on Tuesday, which compares with Monday when 35,303 contracts changed hands.
Milling wheat, durum and barley futures were untraded and unchanged on Tuesday after experiencing some slight price revisions after the close on Monday.
Settlement prices are in Canadian dollars per metric ton.
