By Dave Sims, Commodity News Service Canada
WINNIPEG, July 13 – ICE Canada canola contracts were lower Monday morning, following the US soy complex.
European rapeseed futures were lower which added to the bearish tone.
Weak overnight action has pushed the technical bias lower, said a trader.
However, the Canadian dollar was slightly lower relative to its US counterpart which made canola more attractive to out-of-country buyers.
Drought-like conditions across much of Western Canada continued to underpin the market.
Canola has lost some of its premium compared to some competitors on the vegetable oil market, halting talk that it is too expensive, said an analyst.
Malaysian palm oil was stronger which limited the losses.
About 1,800 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
