By Dave Sims, Commodity News Service Canada
WINNIPEG, September 12 – Canola contracts on the ICE Futures Canada platform were weaker at 10:30 CDT on Monday, feeling pressure from declines in US soy oil.
European rapeseed futures were also lower, which added to the bearish tone.
Traders may be shying away from making any serious moves before the USDA releases its monthly US soybean report at 11:00 CT, according to a Winnipeg-based trader.
“Everyone is being a little bit cautious,” he said.
Harvest pressure was also weighing on canola.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive on the international market.
Continued rain across Western Canada has put a weather premium in the market.
Canola is still relatively cheap compared to other oilseeds and demand is steady.
About 5,300 canola contracts had traded as of 10:30 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:30 CDT:
