By Dave Sims, Commodity News Service Canada
WINNIPEG, August 21 – Canola contracts on the ICE Futures Canada platform were lower Monday morning, following losses in US soybeans and feeling the weight of the Canadian currency.
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to buyers on the international market.
Parts of Western Canada received rain over the weekend, which favoured crop development and pushed down prices.
Large global supplies of soybeans were bearish for canola.
However, strong gains in Malaysian palm oil were supportive for the market.
The dominant November contract is receiving technical support from the key C$500 per tonne level.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
