By Dave Sims, Commodity News Service Canada
WINNIPEG, May 7 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Monday, weighed down by losses in Chicago Board of Trade soybeans.
Warm temperatures across much of Western Canada over the weekend helped farmers make good seeding progress, which dragged on values.
Canola is looking pricey relative to other oilseeds, which was bearish.
However, gains in vegetable oil were supportive for the market.
The technical bias is pointed higher, according to a report
About 4,900 canola contracts had traded as of 10:40 CDT.
Prices in Canadian dollars per metric ton at 10:40 CDT:
