By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 29 – The ICE Futures Canada canola market was mostly softer Monday morning, taking some direction from weakness seen in Chicago soyoil and Malaysian palm oil futures, analysts said.
Profit taking on recent sharp advances, and ahead of Tuesday’s Statistics Canada planting projections report added to the bearish tone.
Spillover selling pressure also came from weakness in outside financial markets, with the large global oilseed supply situation also overhanging prices.
Canola is also starting to look expensive relative to other oilseeds, traders said.
However, ongoing worries about reduced Canadian canola production this year, due to unfavourable growing conditions, were supportive.
Some spillover buying also came from the advances seen in Chicago soybean futures Monday morning.
Weakness in the Canadian dollar also limited the losses, as it made canola more attractive to foreign buyers.
As of 8:40 CDT Monday about 3,660 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
