By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 20 – The ICE Futures Canada canola market was weaker Monday morning, following the declines seen in the Chicago soy complex, analysts said.
Spillover pressure also came from overnight weakness in Malaysian palm oil and European rapeseed futures.
A bearish technical bias and reports of improving crop conditions in some parts of Western Canada added to the weaker tone.
However, the Canadian canola crop is still expected to be on the small side, with the trade anticipating tight ending stocks, which was supportive.
Recent weakness in the Canadian currency was also bullish, as it made canola more attractive to foreign buyers.
As of 8:41 CDT Monday about 2,300 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:41 CDT:
