By Jade Markus, Commodity News Service Canada
WINNIPEG, May 29 – ICE Canada canola contracts were weaker in early activity on Monday.
The market was seeing some independent movement, as US markets are closed for Memorial Day.
Though areas of Manitoba are wet, following recent showers, parts of Saskatchewan and Alberta are seeing conditions favourable for field work, which is bearish.
A weaker technical bias added to the market’s downside.
Though Chicago Board of Trade soybean markets were closed for the day, ideas that wet weather in the US will prompt producers to switch corn acres into the oilseed further pressured canola.
However, tight supplies of canola stocks moving into the growing season limited the market’s losses.
About 754 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CDT:
