By Phil Franz-Warkentin, Commodity News Service Canada
September 8, 2014
Winnipeg – ICE Canada canola contracts were mostly
weaker Monday morning, taking some direction from the softer tone in
the CBOT soy complex.
Expectations for a record large US soybean crop continued to
weigh on the oilseeds in general, including canola. The USDA releases
its updated production estimates on Thursday, September 11, and
positioning ahead of the report is expected to be a feature of the
agricultural markets this week.
Bearish technical signals contributed to the declines in canola,
as the overall downtrend remains in place from a chart standpoint,
said participants.
However, weather concerns in parts of Western Canada did provide
some underlying support. Freezing temperatures and snowfall was
reported in Alberta overnight, with more cold weather in the forecasts
across the rest of the Prairies in the coming days.
About 3,400 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:48 CDT:
