By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 3 – Canola contracts on the ICE Futures Canada platform were mostly lower at 8:44 CST Monday, following the declines seen in Chicago soybean and soyoil futures, analysts said.
Profit taking on last week’s sharp rally, and a recent pickup in farmer selling added to the bearish tone.
Further downward pressure came from ongoing expectations of record large US soybean production and improving weather for South American oilseed planting.
However, weakness in the value of the Canadian dollar limited the losses, as it made canola more attractive to crushers and exporters.
A bullish technical bias in the market and strength in Malaysian palm oil and European rapeseed futures overnight were also supportive, brokers said.
As of 8:44 CST, about 6,950 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
