By Dave Sims, Commodity News Service Canada
WINNIPEG, August 14 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:30 CDT on Monday, in sympathy with the US soy complex.
“There’s fund selling and the technical picture is negative so you’re just going to continue to get pressure on the downside,” said a trader in Winnipeg.
Losses in vegetable oil were bearish while rains in Western Canada over the weekend helped alleviate concerns over dryness.
Expectations of a massive soybean crop in the US cast a bearish shadow over the market.
However, the Canadian dollar was slightly lower, relative to its US counterpart, which made canola more attractive to domestic crushers and out-of-country buyers.
Global demand for oilseeds remains strong.
About 6,600 canola contracts had traded as of 10:30 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:30 CDT:
