By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 26 – ICE Canada canola contracts were weaker Monday morning, taking some direction from the early losses in the CBOT soy complex.
Malaysian palm oil futures were also down overnight while the Canadian dollar was firmer, which contributed to the softer tone in canola.
Reports of improving weather conditions for soybean crops in Brazil were also bearish for the oilseeds in general, according to participants.
However, there are other areas of South America where conditions remain less than ideal, keeping some support underneath the market.
Canola also remains rangebound from a chart perspective, with support holding to the downside and resistance to the upside.
About 9,000 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 9:01 CDT:
