By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 1 – ICE Canada canola contracts were weaker Monday morning, on follow-through selling after Friday’s close.
Spillover selling from Malaysian palm oil, soy oil and crude oil also pressured values.
However, soybeans and soymeal were higher Monday morning which limited the losses.
A firmer tone in the Canadian dollar, which was up a third of a cent relative to its US counterpart, weighed on canola as well. The stronger currency cuts into crush margins and also makes exports less attractive.
The large US soybean harvest and improving prospects for the South American soybean crop continue to cast a bearish tone over the market.
About 5,000 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
