By Dave Sims, Commodity News Service Canada
WINNIPEG, November 9 – Canola contracts on the ICE Futures Canada platform were lower at 10:50 CST Monday, as strength in the Canadian dollar and losses in US soyoil weighed down values.
The loonie was stronger relative to its US counterpart which made canola less attractive to foreign buyers.
Traders were positioning themselves ahead of tomorrow’s USDA supply and demand report which is expected to show a larger soybean crop than previously reported.
European rapeseed futures were lower which weighed on prices.
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Canola seems stuck in its range, said a trader, with the sideways action likely to continue for now.
However, slight gains in the CBOT soybean January contract were supportive for the market. Malaysian palm oil was also slightly stronger which helped limit the losses.
Soybeans started the day slightly below the key resistance point of C$480 per tonne. According to a report, if the January contract can establish itself above that threshold, the buying could build on itself.
Around 9,000 contracts had traded as of 10:50 CST,
Monday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
