ICE Canada Review: Canola continues downward slide
Monday January 13 2014
Canola contracts on the ICE Futures Canada platform were weaker on Monday, hitting fresh contract lows once again as the path of least resistance remains pointed down from both a technical and a fundamental standpoint.
Canada's record large canola crop continued to overhang the market, said traders. While crush margins remain historically strong, the domestic crush has been running behind expectations and logistics issues are also expected to limit the export potential going forward, according to participants. The resulting likelihood of a large carry-out was a bearish influence on the market.
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