By Dave Sims, Commodity News Service Canada
WINNIPEG, March 21 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CDT on Tuesday, weighed down by action in the Canadian currency.
The Canadian dollar was higher relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Slight losses in Chicago Board of Trade soybeans were bearish for the market.
Large global supplies of oilseeds, particularly from South America, were bearish for canola.
However, gains in vegetable oil helped prop up canola prices somewhat.
Canola received some technical support from the C$500 per tonne mark.
There are ideas Canada could run out of canola stocks before the spring is over.
About 9,500 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
