By Dave Sims, Commodity News Service Canada
WINNIPEG, June 29 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT Monday in sympathy with soyoil and some speculative trading.
“For most people this is the last day they can stay in July as the canola exchange gets testy if you try to stay in too far. So I think they’re just playing the market to force people out of this July (contract) at low prices,” said a trader.
US soybeans and Malaysian palm oil were both weaker which contributed to the losses.
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Trading could turn volatile today as investors position themselves ahead of the release of the StatsCan Acreage Report which is due out tomorrow morning.
However, persistent dry conditions across much of Western Canada supported values as concerns about yield and quality are mounting.
The Canadian dollar was slightly weaker against its American counterpart which made canola more attractive to out-of-country buyers.
Financial markets could provide some spillover selling to canola today due to the economic situation in Greece, according to a report.
Around 14,500 contracts had traded as of 10:35 CDT, Monday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
