By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 8 – ICE Canada canola contracts were mostly weaker on Monday morning, in sympathy with the soy complex and also feeling pressure from lower crude oil prices.
There are ideas that Friday’s rally was overdone and profit-taking could be at play, according to a report.
Favourable prospects for development of the South American crop also cast a bearish tone over values, according to a trader.
However, a firmer tone in Malaysian palm oil and European rapeseed futures tempered the downside.
About 7,200 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Jan 421.50 dn 1.30
Mar 418.90 dn 1.90
May 420.70 dn 2.20
Milling Wheat Dec 232.00 unch
Mar 240.00 unch
Durum Dec 356.50 unch
Mar 357.50 unch
Barley Dec 174.00 unch
Mar 177.00 unch
