By Dave Sims, Commodity News Service Canada
WINNIPEG, November – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Monday, weighed down by action in the Canadian currency.
The Canadian dollar was over half a cent higher than its US counterpart, which made canola less attractive to foreign buyers.
Losses in Chicago Board of Trade soyoil contributed to the downside.
“The crush margins have pulled back slightly, dropping a few bucks. “There’s just a lot of uncertainty,” said a trader in Winnipeg.
However, gains in CBOT soybeans, Malaysian palm oil and European rapeseed futures limited the losses.
Reports indicate Argentina could be planting fewer soybeans this season, which was supportive for prices.
Global demand for oilseeds remains strong.
About 15,000 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:
