By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 24 – Canola contracts on the ICE Futures Canada platform were softer at 10:45 CDT Tuesday, following the losses seen in the Chicago soy complex, analysts said.
Some of the weakness was also linked to the recent strength in the Canadian dollar, as it made canola less attractive to crushers and exporters.
Generally good crop conditions for the US soybean crop added to the bearish tone.
However, worries about excess rain flooding out some western Canadian fields and reports of slow crop development in some areas helped to limit the declines.
A lack of significant farmer selling, as they’re wary of selling old crop supplies until they’re more confident in the new crop, also supported prices.
As of 10:45 CDT Tuesday, about 7,550 contracts had traded.
Milling wheat, barley and durum were untraded following prices revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 10:45 CDT:
