|By Phil Franz-Warkentin, Commodity News Service Canada|
|Oct. 29, 2012|
|Winnipeg – ICE Canada canola futures were weaker Monday morning, taking some direction from the softer tone in the CBOT soy complex. Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.
Expectations for a large South American soybean crop were also continuing to overhang the oilseed markets, according to participants.
Activity was expected to be thin and choppy in the agricultural futures on Monday, given the closure of US financial markets in New York due to Hurricane Sandy.
The losses in canola were being tempered by the ongoing concerns over the size of the Canadian crop and the need to ration demand going forward. Talk that the oil content of this year’s crop was a little lower than normal was also supportive, according to traders.
The recent weakness in the Canadian dollar, which was trading barely above parity with its US counterpart Monday morning, provided some further support for canola.
About 1,200 canola contracts had traded as of 8:43 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Futures Prices as of June 19, 2013
Prices are in Canadian dollars per metric ton