By Dave Sims, Commodity News Service Canada
WINNIPEG, April 12 – Canola contracts on the ICE Futures Canada platform were mostly weaker at 10:35 CDT on Wednesday, feeling pressure from action in the Canadian currency and losses in Malaysian palm oil.
The Canadian dollar was higher relative to its US counterpart, which made canola less attractive to international buyers.
The Brazilian soybean crop was revised higher in the most recent USDA report, which weighed on values.
Oilseed acreage in North America is expected to be higher this spring, which dragged on values.
However, ideas that canola stocks are tightening, supported prices and caused spreads to narrow in.
The cash basis on the Prairies is starting to improve, according to an analyst.
Gains in the US soy complex limited the losses.
About 13,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
