By Dave Sims, Commodity News Service Canada
WINNIPEG, December 12 – Canola contracts on the ICE Futures Canada platform were hanging around unchanged Monday morning, with ideas the market was oversold following last week’s losses.
Gains in Chicago Board of Trade soyoil, European rapeseed futures and Malaysian palm oil were supportive for the market.
Commercials were out bargain-hunting while farmer selling was said to be slow.
Wet weather in South America has delayed planting in some regions, which was supportive.
However, losses in CBOT soybeans were bearish for prices.
The Canadian dollar was stronger relative to its US counterpart, which made canola less desirable on the international market.
About 5,000 canola contracts had traded as of 9:00 CST.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CST:
Price Change
Canola Jan 518.60 dn 0.20
Mar 524.40 dn 0.10
May 529.20 up 0.30
Milling Wheat Mar 238.00 unch
Mar 241.00 unch
Durum Mar 323.00 unch
May 326.00 unch
Barley Mar 142.00 unch
Mar 144.00 unch
