Canola contracts on the ICE Futures Canada platform were lower Tuesday morning, following the losses seen in outside oilseed markets, analysts said.
Chicago soybean, European rapeseed and Malaysian palm oil futures were all weaker in early and overnight activity.
Follow-through selling on Monday’s softer close and chart-based selling added to the bearish tone, as did the upswing in the value of the Canadian dollar.
Expectations that 2013/14 (Aug/Jul) Canadian canola carryout stocks will be very large further undermined the market.
However, worries about planting delays in Western Canada this spring, due to persisting cold, wet weather, limited the downside, as did slow farmer selling.
Continued ideas that canola is undervalued compared to other oilseeds were also supportive.
As of 8:40 CDT Tuesday, about 2,910 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after the close on Monday.
Prices in Canadian dollars per metric ton at 8:40 CDT:
