By Dave Sims, Commodity News Service Canada
WINNIPEG, April 8 – ICE Canada canola contracts were slightly lower Tuesday morning as declines in the vegetable oil market (soyoil/Malaysian palm oil) weighed down values.
The Canadian dollar was firmer against its American counterpart which made canola less attractive to domestic crushers and exporters.
European rapeseed futures were also lower which contributed to the declines.
The large soybean harvest in Brazil and Argentina also added to the bearish tone.
However, strength in US soybeans and soymeal limited the losses.
Reports that European and Chinese rapeseed production could be lower this year also lent support to the market, according to an analyst.
About 1,800 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
