By Dave Sims, Commodity News Service Canada
WINNIPEG, July 18 – Canola contracts on the ICE Futures Canada platform were weaker at 10:45 CDT on Monday, following losses in the US soy complex.
European rapeseed futures and crude oil were both lower which contributed to the declines.
North American oilseed crops are looking fairly good at this stage, noted a Winnipeg-based trader.
“There’s going to be a fairly early canola harvest this year, I suspect we’ll see canola swathed and harvested during the month of August, we haven’t had that for a few years,” he said.
However, the Canadian dollar was slightly lower compared to its US counterpart, which made canola more attractive on the international market.
Malaysian palm oil was also higher, which was supportive for values.
World oilseed stocks are expected to be tight in 2016/17, which was bullish for the market, according to a report.
About 10,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were untraded and unchanged…
Prices in Canadian dollars per metric ton at 10:45 CDT:
