By Jade Markus, Commodity News Service Canada
WINNIPEG, July 18 – ICE Canada canola contracts were weaker in early activity on Monday, following losses in the US soy complex.
Chicago Board of Trade soybeans, soymeal, and soy oil were lower Monday morning, as weather concerns in the US have started to ease.
China has been selling off its reserve soybeans, which further pressured the market.
Canola’s technical bias is to the downside, analysts say, which added to the bearish tone.
However, the Canadian dollar lost ground against its US counterpart Monday morning, which underpinned canola by making the commodity more appealing to international buyers.
Malaysian palm oil closed stronger overnight, which also capped declines.
About 4,436 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
