By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Dec. 15 – Canola futures on the ICE Canada trading platform were weaker Monday morning, giving back some of last week’s strong gains. Speculators and commercial traders were said to be taking profits, according to analysts.
There may also be some light farmer selling coming into the market, though they are expected to remain on the sidelines until the New Year, brokers added.
Spillover pressure from the weakness in Chicago soybean futures added to the bearish tone, as did the large US bean crop and good conditions for South American oilseeds.
However, the sharply lower Canadian dollar was supportive. The loonie was testing the 86 cents US level, which was attractive to exporters and crushers.
Continued solid end-user demand for Canadian canola also limited the declines.
As of 10:42 CST Monday, about 11,975 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CST:
