By Phil Franz-Warkentin, Commodity News Service Canada
September 16, 2013
Winnipeg – ICE Canada canola contracts were weaker Monday morning, as harvest pressure and spillover from the declines in CBOT soybeans weighed on values.
Without any outside support from soybeans, the fundamentals for canola remain relatively bearish, according to traders pointing to the record large crop that is currently being harvested.
Continued strength in the Canadian dollar, which was up by about half a cent relative to its US counterpart Monday morning, added to the softer tone in canola.
However, exporter and domestic crusher demand underneath the market did provide some underlying support, with canola said to be looking attractively priced compared to other oilseeds.
About 2,500 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded, after seeing some adjustments following Friday’s close.
Prices in Canadian dollars per metric ton at 8:49 CDT:
