By Phil Franz-Warkentin, Commodity News Service Canada
September 17, 2013
Winnipeg – ICE Futures Canada canola contracts were narrowly mixed at Tuesday’s close, seeing some consolidation in choppy trade. After dropping sharply yesterday, canola was due for a bit of a correction, according to participants accounting for some of the early strength in the market. However, the early speculative buying interest ran out of steam and values moved back to consolidate near unchanged as CBOT soybeans also turned lower.
Ongoing harvest pressure and the mounting expectations for a record large Canadian canola crop also weighed on canola, with farmer hedges adding to the softer tone.
However, solid end user demand on did provide some support. Uncertainty over the state of the US soybean crop was also keeping some caution in the oilseed markets, limiting the declines.
About 27,230 canola contracts were traded on Tuesday, which compares with Monday when 25,204 contracts changed hands.
Milling wheat, durum and barley futures were untraded after seeing some price revisions following Monday’s close.
Settlement prices are in Canadian dollars per metric ton.
