By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 31 – ICE Canada canola contracts were weaker Monday morning, as losses in the CBOT soy complex put some spillover pressure on the market.
Malaysian palm oil and European rapeseed futures were also lower overnight, which added to the softer tone in canola.
Chart-based speculative selling was a feature, although activity was on the light side to start the day. Farmer hedges were also expected to start coming forward, as harvest activity advances across the Prairies.
However, adverse weather in some areas of Western Canada over the weekend many cause some delays and quality concerns, which tempered the declines.
A softer tone in the Canadian dollar helped underpin the canola market as well, according to participants.
About 2,200 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
