By Jade Markus, Commodity News Service Canada
WINNIPEG, November 14 – ICE Canada canola contracts were weaker in early activity on Monday, tracking losses in US oilseed markets.
Chicago Board of Trade soybeans, soymeal, and soy oil declined Monday morning, pressured by the advancing US harvest and the country’s stronger currency.
Catch-up selling was also a feature, as US soybeans declined on Friday while the canola market was closed for Remembrance Day.
Overnight losses in the Malaysian palm oil market also had a bearish effect on prices.
Favourable growing conditions in South America added to the market’s downside.
However, the Canadian dollar lost ground against its US counterpart Monday morning, which limited losses in canola.
A weaker loonie makes canola more appealing to international buyers, which is bullish.
About 6,323 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:47 CST:
