By Jade Markus, Commodity News Service Canada
WINNIPEG, August 29 – ICE Canada canola contracts were weaker Monday morning, pressured by losses in the US soy complex.
Chicago Board of Trade soybeans, soymeal, and soy oil declined in early activity, as seasonal selling-pressure moved those markets lower.
Malaysian palm oil closed weaker overnight, which added spill over losses to canola.
China is expected to introduce new dockage restrictions on Canadian canola shipments on September 1, which could curb the country’s imports, which was another source of pressure on Monday.
Market watchers say canola’s technical bias is to the downside, which could further pressure the market throughout the day.
The Canadian dollar was weaker against its US counterpart on Monday, which limited losses. A weaker loonie makes canola more appealing to international buyers.
About 1,389 canola contracts had traded as of 8:30 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
