By Phil Franz-Warkentin, Commodity News Service Canada
July 15, 2013
Winnipeg – ICE Canada canola contracts were weaker Monday morning, seeing some follow-through selling on Friday’s lower close.
Favourable growing conditions across most of western Canada accounted for much of the selling pressure in canola, as the majority of the canola crop is thought to be in good shape overall.
CBOT soyoil, Malaysian palm oil, and European rapeseed futures were all weaker on Monday, which contributed to the softer tone in canola, according to participants.
The November canola contract dropped below long standing support at around C$530 per tonne, triggering some additional sell-stops.
On the other side, scale-down end user demand helped temper the losses. The need to keep some weather premiums in the market, with a long growing season still ahead, was also said to be providing some support.
About 4,000 canola contracts had traded as of 8:41 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:41 CDT:
