By Jade Markus, Commodity News Service Canada
WINNIPEG, June 20 – The ICE Canada canola market was weaker in early activity on Tuesday, pressured by losses in the Chicago Board of Trade soy complex.
CBOT soybeans, soy meal and soy oil all dropped Tuesday morning, declining with reports of improving crop conditions, which had a spill-over bearish effect on canola.
Crop conditions in Western Canada also look to be improving, which further pressured the market.
Technical selling added to canola’s downside.
However, the Canadian dollar was weaker against its US counterpart on Tuesday, which capped declines.
A weaker loonie makes Canadian commodities more affordable for international buyers.
Tight stocks of canola could also limit the market’s declines in coming sessions.
About 7,364 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
