By Dave Sims, Commodity News Service Canada
WINNIPEG, September 28 – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:40 CDT Monday, lagging behind losses in the US soy complex.
“I think we’re rebalancing after Friday. Canola lagged the US markets by a chunk and a half on Friday,” said a trader.
Decent weather over the weekend enabled good harvesting progress to be made across much of Western Canada.
So far yields have been better than expected.
However, the Canadian dollar was weaker compared to its US counterpart which made canola more attractive on the international market.
Malaysian palm oil and European rapeseed futures were stronger which limited the losses.
The technical bias is pointing to the upside, according to a report.
Around 13,000 contracts had traded as of 10:40 CDT,
Monday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
