By Dave Sims, Commodity News Service Canada
WINNIPEG, March 6 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Tuesday, weighed down by strength in the Canadian currency. The Canadian dollar was roughly half a cent higher, relative to its United States counterpart, which made canola more enticing to domestic crushers and out-of-country buyers.
The market was also correcting somewhat after posting strong gains in recent sessions.
Farmer selling was bearish for values.
Expectations of large canola acreage this spring undermined the market.
However, gains in U.S. soyoil limited the losses and recent export activity has been sluggish.
Global demand for oilseeds remains strong.
About 10,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
