By Jade Markus, Commodity News Service Canada
WINNIPEG, February 7 – ICE Canada canola contracts were mixed, but mostly higher, in early activity on Tuesday.
Front contracts were underpinned by losses in the Canadian dollar and weather-related support from South America’s soy-growing regions.
Losses in the loonie make canola more affordable for international buyers, which is bullish.
Though South American growing conditions are generally favourable, rains in Brazil are slowing harvest progress, supporting the market.
Deferred contracts were feeling pressure from ideas that upcoming North American soybean acreage will be large.
Chicago Board of Trade soybeans and soyoil were mostly unchanged in choppy trade Tuesday morning, which added to canola’s turbulence.
About 3,639 canola contracts had traded as of 8:47 a.m. CST
Milling wheat, durum, and barley futures were all untraded and unchanged.
