By Phil Franz-Warkentin, Commodity News Service Canada
May 26, 2014
Winnipeg – ICE Canada canola contracts were down Monday morning in very quiet activity, as the closure of the US markets for the Memorial Day long weekend kept many Canadian participants on the sidelines as well.
Relatively favourable seeding conditions across most of Western Canada accounted for some of the weakness in canola, according to participants.
Losses in Malaysian palm oil and European rapeseed future in overnight trade were also bearish for canola. The large old crop supplies still overhanging the market weighed on values as well.
On the other side, there are still enough areas of concern across the Prairies to keep some weather premiums in the futures as farmers move forward with spring planting. Chart support was also holding to the downside.
Only around 140 canola contracts had traded as of 8:59 CDT.
Milling wheat, durum, and barley futures were all untraded after seeing some price revisions following Friday’s close.
Prices in Canadian dollars per metric ton at 8:59 CDT:
