By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 19 – Canola contracts on the ICE Futures Canada platform were lower at 10:49 CDT Tuesday, testing recent fresh lows as they followed the weakness in the Chicago soybean complex, analysts said.
Spillover pressure also came from the softer tone seen in Malaysian palm oil and European rapeseed futures overnight.
Forecasts calling for beneficial weather for soybean crop development in the US were also bearish, as was some chart-based selling.
Beneficial rainfall is expected in many parts of Western Canada this week, though it may be too little too late for canola crops, brokers said.
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The downside in canola was limited by a lack of significant farmer selling as they wait for better prices.
Steady commercial demand and the downswing in the value of the Canadian dollar were also supportive.
As of 10:49 CDT Tuesday, about 5,600 contracts had traded. Some of the activity was linked to positioning ahead of Statistics Canada’s first production estimates of the year on Thursday.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
