By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 24 – Canola contracts on the ICE Futures Canada platform were down at midday Monday, as the massive selloff seen in most equity and commodity markets around the world did not spare the Canadian oilseed.
Sharp losses in Chinese stocks provided the catalyst for the wave of selling seen in most markets on Monday. Speculators were noted sellers in canola, with fund traders now building a net short position, according to a broker.
However, canola was well off its session lows by midday, with the weakness in the Canadian dollar providing some support.
Heavy rains in parts of Manitoba over the weekend, together with reports of freezing temperatures in Alberta and Saskatchewan, also helped limit the losses to some extent, according to a broker.
About 15,000 canola contracts had traded as of 10:50 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:50 CDT:
