By Dave Sims, Commodity News Service Canada
WINNIPEG, April 7 – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, pressured by losses in Chicago Board of Trade soyoil and action in the Canadian currency.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive on the international market.
Losses in CBOT soybeans, Malaysian palm oil and European rapeseed futures were bearish for the market.
The steady stream of South American soybean exports undermined prices.
The latest forecast from Safras & Mercado for the soybean crop in Brazil came in at 114.3 million tonnes, the largest estimate yet.
However, ideas that canola stocks are dwindling supported prices.
Weather forecasts indicate more wet weather could be coming to parts of Western Canada, which could delay field work.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:57 CDT:
