By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 10 (CNS Canada) – ICE Futures canola contracts were weaker Monday morning, taking some direction from Chicago Board of Trade soybeans and soyoil.
Speculative profit-taking to start the week contributed to the early declines, according to analysts. Ample supplies in the commercial pipeline and a subsequent lack of aggressive end-user demand also weighed on values.
However, a softer tone in the Canadian dollar provided some support, as the currency dipped back below 75 U.S. cents.
The United States Department of Agriculture releases its monthly supply/demand report on Tuesday, and pre-report positioning was expected to be a feature in the North American grains and oilseed markets.
About 4,500 canola contracts had traded as of 8:53 CST.
