By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 19 – The ICE Futures Canada canola market was stronger Tuesday morning, reacting to a plunging Canadian currency, as it made canola more attractive to crushers and exporters, analysts said.
The Canadian dollar has lost more than a cent against the US dollar since Friday, May 15.
Further support came from the gains in Chicago soybean futures on Monday, when Canadian markets were closed for Victoria Day. Though, the CBOT soy complex was weaker Tuesday morning.
Concerns about unfavourable cool, wet and windy weather damaging recently seeded canola fields in some parts of Western Canada over the weekend added to the bullish tone.
However, the large global oilseed supply situation and good conditions for soybean planting in the US limited the advances.
Weakness in Malaysian palm oil futures overnight was also bearish for canola.
As of 8:51 CDT Tuesday, about 3,850 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:51 CDT:
