By Jade Markus, Commodity News Service Canada
WINNIPEG, March 21 – ICE Canada canola contracts were weaker in early activity on Tuesday.
Sharp advances in the Canadian dollar were one source of the losses, as a stronger loonie makes canola less appealing to international buyers.
The Canadian dollar gained about half a per cent Tuesday morning, propped up by strong domestic data and strength in the crude oil market.
Losses in the Chicago Board of Trade soybean market also had a bearish effect on canola.
CBOT soybeans were weaker as South America’s weather continues to support domestic production.
A weaker technical bias furthered losses.
About 3,510 canola contracts had traded as of 9:05 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
