By Dave Sims, Commodity News Service Canada
WINNIPEG, January 9 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, due to speculative selling.
Friday’s close below the psychological C$500 per tonne mark was bearish from a chart perspective.
Traders have begun to take positions ahead of Thursday’s USDA report.
The massive soybean crop in South America, which has already begun harvest in certain areas, continued to loom over the market.
However, gains in US soybeans and soyoil limited the losses.
The Canadian dollar was slightly lower relative to its US counterpart which made canola more attractive on the international market.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:53 CST:
