By Dave Sims, Commodity News Service Canada
WINNIPEG, June 13 – Canola contracts on the ICE Futures Canada platform were on the defensive at 10:35 CDT on Tuesday, weighed down by action in the Canadian currency.
The Canadian dollar was over half a cent stronger relative to its American counterpart, which made canola less enticing to buyers on the international market.
Showers across parts of Western Canada were bearish for prices, as they are expected to help replenish dry soil areas.
Losses in Malaysian palm oil dragged on prices.
However, gains in the US soy complex helped to limit the losses.
Demand for oilseeds across the globe remains strong.
“We’re seeing some selling from growers who now have a crop up and running and are willing to do some pricing,” said a trader in Winnipeg.
There are still planting delays in parts of Alberta and Saskatchewan, which was supportive.
About 10,200 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
