By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 15 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following the losses seen in Chicago soybean and soyoil futures, analysts said.
Spillover pressure also came from the declines seen in Malaysian palm oil and European rapeseed futures overnight.
A bearish long term technical bias, good growing conditions for the US soybean crop and talk that canola has lost its cheapness relative to other oilseeds further undermined values.
Expectations that Canadian canola supplies will still be large, despite flooding problems in parts of Western Canada, were also bearish.
However, worries about dryness in the Peace River district in Alberta and slow farmer selling helped to limit the downside, traders said.
Activity was on the quiet side Tuesday morning. As of 8:40 CDT, only about 800 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:40 CDT:
