By Jade Markus, Commodity News Service Canada
WINNIPEG, May 30 – ICE Canada canola contracts were mixed in early activity on Tuesday.
The Canadian dollar lost ground against its US counterpart on Tuesday, which provided some support to values. A lower loonie makes Canadian commodities more affordable for international buyers.
Ideas that the market has become oversold further supported prices.
Tight canola stocks added to the upside.
However, Chicago Board of Trade soybeans and soy oil were weaker, after being closed on Monday, which pressured canola’s front contract.
A weaker technical bias could limit the market’s strength.
About 3,876 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
