By Jade Markus, Commodity News Service Canada
WINNIPEG, August 22 – ICE Canada canola contracts were mixed in choppy trade in early activity on Monday.
The market was pressured by losses in the Chicago Board of Trade soy oil market.
CBOT soy oil declined Monday morning, following overnight weakness in Malaysian palm oil, which had a bearish effect on canola.
Trader positioning ahead of a production report due out Tuesday from Statistics Canada was also a feature. Market watchers say investors are likely to take profits ahead of the data, which is expected to show large production.
An upcoming regulation change, which could curb the amount of canola China buys, added to the declines.
However, losses in the Canadian dollar against its US counterpart capped declines, as a weaker loonie makes canola more appealing to international buyers.
About 2,404 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:46 CDT: