By Phil Franz-Warkentin, Commodity News Service Canada
July 21, 2014
Winnipeg – ICE Canada canola contracts were down Monday morning, seeing some follow-through selling on Friday’s declines.
Losses in the CBOT soy complex contributed to the weakness in canola, as favourable US crop prospects are more than making up for any concerns with the Canadian crop, according to participants.
While there is still some uncertainty over canola acres and yields in Western Canada, given excessive moisture in some parts of the Prairies and dryness in others, those concerns have been factored in to the futures for the time being.
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Malaysian palm oil and European rapeseed futures were also down in overnight trade.
Scale down end user demand helped temper the declines. A lack of significant farmer selling was also supportive, according to participants.
About 7,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:52 CDT:
