By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct. 20 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:44 CDT Monday, following the weakness in Chicago soybean and soyoil futures, brokers said.
Some spillover selling also came from the declines seen in Malaysian palm oil and European rapeseed futures overnight.
Pressure from advancing harvest activities in the US Midwest and ongoing expectations of record large US soybean production were also bearish.
However, a slowdown in farmer selling into Canadian cash markets, as harvest is nearing completion in most areas of Western Canada, was supportive.
Chart-based buying and strength in outside financial markets also underpinned the canola market.
As of 10:44 CDT, about 11,835 contracts had traded. Much of the activity was linked to spreading, as traders were rolling out of the November contract ahead of its expiry, analysts said.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 10:44 CDT:
