|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at lower price levels at 8:37 CST Monday, following the losses seen in the CBOT soybean complex.
Much of the price softness in the CBOT soybean complex was linked to position evening ahead of Tuesday’s USDA stocks report, traders said.
Talk that weather conditions for the development of South American soybean crops are improving also undermined both canola and soybean values.
Losses seen in European rapeseed futures during overnight trade and bearish chart signals also put downward pressure on canola values.
The upswing in the value of the Canadian dollar also fuelled some of the losses, as it made canola less attractive to foreign buyers.
However, continued concerns about the tight Canadian canola supply situation helped to slow the declines, market watchers said.
Activity was on the lighter side on Monday morning, with about 675 canola contracts traded as of 8:37 CST.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:37 CST: