By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 21 (CNS Canada) – ICE Futures Canada canola contracts were weaker Monday morning in relatively quiet trade as the market saw some consolidation after last week’s advances.
Canola gained ground relative to the US soy complex last week, leaving the Canadian oilseed open to some profit-taking. Declines in Chicago Board of Trade soybeans added to the softer tone, although strength in soyoil provided some underlying support, according to a trader.
Tight old crop ending stocks and uncertainty over new crop production also helped limit the losses, as the canola market continues to work to ration some demand.
A US crop tour going on this week was also keeping some caution in the market, as traders wait for updates to start coming out from the tour.
About 4,500 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
