By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 20 (CNS Canada) – ICE Canada canola contracts were lower Tuesday morning, as losses in the Chicago Board of Trade soy complex weighed on values.
Malaysian palm oil and European rapeseed futures were also weaker on Tuesday, which added to the selling pressure in canola.
Improving crop weather in South America contributed to the bearish tone in the market, according to participants.
However, there are still enough areas of concern in the major soybean producing continent to keep some underlying support in the oilseed futures, including canola.
Scale-down end-user demand was also supportive, as canola remains attractively priced to both exporters and domestic crushers.
Positioning ahead of Christmas and the New Year was a feature.
About 7,000 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded.
