By Brandon Logan, Commodity News Service Canada
WINNIPEG, Feb. 10 – Canola contracts on the ICE Futures
Canada platform were slightly weaker at 10:16 CST Monday,
undermined by increased farmer selling, participants said.
Further downward pressure came from continued logistical
issues moving Canada’s record large Canadian canola crop out of
the Prairies, brokers said.
Expectations that Brazil is currently harvesting a record
large soybean crop were also bearish.
Traders were also positioning themselves ahead of the
USDA’s supply and demand report at 11:00 CST.
However, spillover from the gains seen in the CBOT soy
complex, Malaysian palm oil and European rapeseed futures
limited any further losses, analysts said.
The decline in the value of the Canadian dollar was also
bullish, as were ideas that canola is oversold and cheap in
comparison to other oilseed markets.
About 10,500 canola contracts had traded as of 10:16 CST.
Milling wheat, durum and barley futures were untraded
following price revisions to wheat after the close on Friday.
Prices in Canadian dollars per metric ton at 10:16 CST:
