By Jade Markus, Commodity News Service Canada
Winnipeg, May 30 (CNS Canada) – ICE Futures Canada canola contracts ended weaker on Monday after a day of sluggish trading.
Canola ended slightly lower due to favourable weather in Western Canada.
Well-timed rains across Manitoba, Saskatchewan, and Alberta have revived soil moisture, and supported germinating crops.
Despite dry areas needing additional showers, rain has eased some trader-concerns.
The expectation that US producers will seed an increased amount of soybeans this year added to the declines.
Market watchers say canola’s long-term technical bias is to the downside.
However, losses in the Canadian dollar limited declines on Monday.
A weaker Canadian dollar makes canola more appealing to international buyers.
US markets were closed for Memorial Day.
About 3,962 canola contracts were traded on Monday, which compares with Friday when 41,211 contracts changed hands. Spreading accounted for about 824 of the contracts traded.
Barley futures were all untraded and unchanged, while milling wheat and durum were revised higher after the close.
Settlement prices are in Canadian dollars per metric tonne.
