By Brandon Logan, Commodity News Service Canada
WINNIPEG, Jan. 21 – Canola contracts on the ICE Futures Canada platform were weaker at 10:42 CST Tuesday, undermined by large losses seen in CBOT soybeans and soymeal, participants said. A favourable outlook for the South American soybean crop was also bearish.
Continued logistic concerns about moving the record large
Canadian crop out of the Prairies also weighed on prices, as did
expectations of large canola ending stocks.
However, a rally seen in soyoil prices limited any further
losses, traders said.
Weakness seen in the value of the Canadian dollar and ideas
that canola is cheap relative to other oilseeds provided
additional support.
About 11,300 canola contracts had traded as of 10:42 CST.
Milling wheat, durum and barley prices were untraded.
Prices in Canadian dollars per metric ton at 10:42 CST:
