By Terryn Shiells, Commodity News Service Canada
WINNIPEG, May 12 – Canola contracts on the ICE Futures Canada platform were weaker at 10:53 CDT Monday, following the losses seen in Chicago soybeans, analysts said.
Further spillover pressure came from the losses seen in Malaysian palm oil and European rapeseed futures overnight.
The large Canadian canola supply situation and the upswing in the value of the Canadian dollar were also bearish for canola prices.
However, steady end user demand and worries about delayed seeding in Western Canada this spring limited the downside, brokers said.
Some support also came from continued ideas that canola is undervalued compared to other oilseeds.
As of 10:53 CDT Monday, about 8,400 contracts had traded. Spreading was a large feature of the activity, traders said.
Milling wheat, barley and durum were untraded following price revisions after the close on Friday.
Prices in Canadian dollars per metric ton at 10:53 CDT:
