By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept. 8 – Canola contracts on the ICE Futures Canada platform were weaker at 10:51 CDT Monday, despite forecasts calling for frost and snow in some parts of Western Canada this week.
The softness was linked to spillover pressure from the weakness in Chicago soybean and soyoil futures, according to analysts. Record large crop prospects out of the US continued to overhang oilseed prices.
There was also some light farmer hedging in the market, brokers added.
The downside in canola was limited by the weakness in the value of the Canadian dollar, steady commercial demand and strength in Malaysian palm oil futures.
As of 10:51 CDT Monday, about 7,000 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:51 CDT:
