By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 18 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, as weakness in Chicago soybeans and technical based selling following Monday’s gains undermined prices, analysts said.
Improving conditions for South American soybean planting and ongoing expectations of record large US soy production also weighed on values.
Further downward pressure came from slowing domestic crusher demand, due to the temporary closure of the Yorkton plant after a recent explosion.
However, some spillover support came from the gains in outside oilseeds, including Chicago soyoil, Malaysian palm oil and European rapeseed.
Farmers remain slow sellers in Western Canada, as they’re waiting for stronger prices, which was also supportive.
As of 8:43 CST, about 1,730 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:43 CST:
