By Terryn Shiells, Commodity News Service Canada
Winnipeg, April 29 – The ICE Futures Canada canola market was mostly lower Wednesday morning, undermined by strength in the Canadian dollar. The firmer Canadian currency makes canola less attractive to crushers and exporters.
Weakness in Malaysian palm oil futures overnight was also bearish for the market.
The large global oilseed supply situation and signs that canola’s technical bias is pointing lower further undermined prices, analysts said.
However, the need to keep weather premiums built into the market for the 2015/16 Canadian canola crop limited the declines.
Slow farmer selling, as they focus on spring field work, was also supportive.
As of 8:53 CDT Wednesday, about 3,990 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:53 CDT:
