By Dave Sims, Commodity News Service Canada
WINNIPEG, November 14 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Monday, following losses in vegetable oil.
Malaysian palm oil futures declined by four per cent on Monday, according to a report. European rapeseed futures and Chicago Board of Trade soyoil were also lower.
Losses in US soybeans added to the downside.
The majority of soybean fields in South America are seeing favorable seeding conditions, which was bearish.
However, the Canadian dollar was lower relative to its US counterpart, which made canola more attractive to domestic crushers and out-of-country buyers.
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Canola futures are also playing a bit of “catch-up” today, according to a trader in Winnipeg. Canadian markets were closed on Friday for Remembrance Day.
“Canola is holding up very well,” he said. “It could be a lot lower given the action of the US markets on Friday and today.”
Soggy conditions across much of Western Canada continue to slow harvest progress, which supported prices.
About 10,850 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
