By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 10 – The ICE Futures Canada canola market was down slightly Wednesday morning, as traders squared positions ahead of the USDA’s monthly supply and demand report at 11:00 CDT.
Prices were undermined by strength in the Canadian dollar, as it made canola more expensive to crushers and exporters.
Spillover pressure from the weakness in Malaysian palm oil and European rapeseed futures added to the bearish tone.
Further downward pressure came from the large global supply situation and generally good weather for the US soybeans.
On the other side, ongoing worries about adverse weather conditions in Western Canada were supportive. Rain is still needed in parts of Alberta and Saskatchewan, while some regions in Manitoba are too wet.
Some spillover buying also came from the gains seen in the Chicago soy complex.
As of 8:38 CDT Wednesday about 3,900 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
