By Dave Sims, Commodity News Service Canada
WINNIPEG, July 24 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, weighed down by losses in US soy and vegetable oil.
The Canadian dollar was higher, relative to its US counterpart, which made canola less enticing to foreign buyers.
Recent rains across Western Canada have helped alleviate concerns over heat stress on the plants.
The technical bias is pointed lower and the front-month November contract temporarily broke below major support this morning.
However, much of the canola crop is still too dry and seeing some deterioration, which was supportive.
Tight canola stocks continued to underpin the market.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
