By Dave Sims, Commodity News Service Canada
WINNIPEG, September 22 – Canola contracts on the ICE Futures Canada platform were lower Monday morning, in sympathy with the soy complex.
Follow through selling after Friday’s sharp drop added to the weakness in Monday’s values, said a trader. Malaysian palm oil and European rapeseed futures were also lower which served to pressure values.
The November contract is well below the psychologically important C$400 per tonne mark and shows no sign of returning, according to a report.
Forecasts calling for warm temperatures across much of Western Canada this week contributed to the bearish tone as the weather should allow farmers to make good harvest progress.
The Canadian dollar was weaker against its American counterpart which helped limit the losses.
About 5,000 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
