By Dave Sims, Commodity News Service Canada
WINNIPEG, August 14 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, pushed down by losses in vegetable oil and US soybeans.
Last week’s projection by the USDA for a larger-than-expected US soybean crop continues to weigh on prices.
Showers in parts of Alberta and western Saskatchewan helped lessen concerns over dryness, which was bearish.
However, the Canadian dollar was slightly weaker relative to its US counterpart, which made canola more enticing to buyers on the international market.
There are ideas the USDA may have overestimated the size of the soybean crop, which was supportive.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CDT:
