By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 3 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following the losses seen in Chicago soybean and soyoil futures, analysts said.
Spillover pressure also came from the declines seen in Malaysian palm oil and European rapeseed futures in overnight activity.
Technical based selling, worries about some US corn acres switching to soybeans and improving weather conditions in Western Canada added to the bearish tone.
However, slow farmer selling, as they focus on spring fieldwork, limited the losses, as did the weaker Canadian currency.
The need to keep a weather premium built into prices and ideas that canola is cheap compared to other oilseeds kept a firm floor under the market.
As of 8:40 CDT Tuesday, about 2,800 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:40 CDT:
