By Phil Franz-Warkentin, Commodity News Service Canada
December 15, 2014
Winnipeg – ICE Canada canola contracts were mostly lower Monday morning, with profit-taking after last week’s advances behind some of the early declines.
The January canola contract closed just below C$440 per tonne on Friday, and that nearby resistance point held Monday morning as speculators booked profits.
Generally favourable South American crop conditions and the large US soybean crop, were also overhanging the canola market. However, the CBOT soy complex was mixed in early activity.
The ongoing weakness in the Canadian dollar did provide some underlying support. Steady end user demand and a lack of farmer selling on the other side, as producers are largely waiting for the New Year, also helped limit the losses.
About 4,000 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:48 CST:
