By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Sept. 9 – Canola contracts on the ICE Futures Canada platform were lower at 10:46 CDT Tuesday, following the decline in soybean prices, as the November CBOT contract broke below the key level of US$10.00 per bushel.
Reports that crop conditions remain excellent for US soybeans and expectations that production will remain record large in Thursday’s monthly USDA report were bearish.
Spillover pressure also came from softness in Chicago soyoil, Malaysian palm oil and European rapeseed futures, analysts said.
However, concerns that cool, wet weather will bring more damaging frost and snow to parts of Western Canada this week tempered the downside. Alberta already reported snow in some areas on Monday, with cool weather expected throughout the week across the Prairies.
The weaker Canadian dollar, which dropped below 91 cents US on Tuesday, was also supportive.
As of 10:46 CDT Tuesday, about 3,350 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CDT:
