By Dave Sims, Commodity News Service Canada
WINNIPEG, November 23 – Canola contracts on the ICE Futures Canada platform were weaker at 10:50 CST Monday, tracking losses in CBOT soybeans and soyoil.
Weakness in European rapeseed futures and Malaysian palm oil was also bearish, according to an analyst.
Recent rain in South America aided the soybean crop there. Already, there are ideas Brazil could see a massive crop in the New Year.
Argentina has elected a new president which could result in a lowering of the country’s soybean export tax, reports say. The country has 725 million bushels of soybeans in storage, according to a report. It would be extremely troublesome if farmers were to release their stockpiles all at once.
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However, the Canadian dollar was slightly weaker which limited the losses as it made canola more attractive to domestic crushers and foreign buyers.
Chinese buying continues to underpin the market, according to a report.
January canola briefly sunk below its key psychological support level of C$460 per tonne, but has now climbed well above it.
Around 14,500 contracts had traded as of 10:50 CST,
Monday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
