By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 20 (CNS Canada) – ICE Canada canola contracts were down Monday morning, hitting their lowest levels in three weeks as losses in the CBOT soy complex and firmness in the Canadian dollar weighed on values.
Relatively favourable crop conditions across most of Western Canada and the US Midwest contributed to the softer tone in the grains and oilseeds to start the week, including canola, said traders.
Chart-based selling added to the declines, although downside support was still holding in early activity.
The need to keep some weather premiums in the market, given the lengthy growing season still ahead, helped limit the losses.
About 2,800 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.
