By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 14 – The ICE Futures Canada canola market was down slightly at midday Thursday, following the losses seen in the Chicago soy complex and European rapeseed futures.
Expectations that there will be an uptick in old crop farmer sales coming over the next few days in Western Canada were also bearish, according to a broker.
Further downward pressure came from reports that seeding is going ‘extremely well’ across the Canadian Prairies, traders noted.
The Canadian dollar was up slightly, which also undermined canola.
Though, strength in Malaysian palm oil futures and the need to keep weather premiums built into the market limited the declines.
As of 10:40 CDT Thursday, about 14,000 contracts traded. Activity in the July/November spread accounted for more than 5,000 of the trades.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
