By Dave Sims, Commodity News Service Canada
WINNIPEG, May 24 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:40 CDT on Wednesday, weighed down by action in the Canadian dollar and weakness in vegetable oil markets.
The Canadian dollar was about a third of a cent higher relative to its US counterpart, which made canola less attractive to international buyers.
Planting delays in the US have sparked ideas some farmers will switch out corn for soybeans, a report said.
Seeding progress in the southern portion of the Canadian Prairies is proceeding fairly smoothly, a trader in Winnipeg said.
However, some areas in central Alberta and northwest Saskatchewan have excess water, which has held up planting.
Slow farmer selling and tight commercial stocks in Canada supported values.
About 4,600 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
