By Dave Sims, Commodity News Service Canada
WINNIPEG, November 16 – ICE Canada canola contracts were weaker Monday morning feeling pressure from all sides.
The US soy complex and the vegetable oil market were both lower which weighed on canola.
There are ideas Argentina will relax its export tax on soybeans which could result in large supplies being dumped onto the market.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers. Traders are reportedly making a run on safe-havens like the US dollar which could favour canola.
Most traders expect the next StatsCan crop survey to show a larger canola crop than previously reported.
Dry weather is expected in South America which should be bad for the soil moisture.
About 3,800 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
