By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 2 – Canola contracts on the ICE Futures Canada platform were lower Monday morning, seeing follow-through selling after the July contract broke below key support on Friday, analysts said.
Spillover pressure from the losses seen in Chicago soybean, Malaysian palm oil and European rapeseed futures was also bearish.
Ideas that planting and crop development conditions are improving in Western Canada also contributed to the losses, as did the market’s bearish technical bias.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as did slow farmer selling.
Continued ideas that canola is undervalued compared to competing oilseeds kept a firm floor under the market.
As of 8:49 CDT Monday, about 6,200 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:49 CDT:
