By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 9 – The ICE Futures Canada canola market was down slightly amid choppy activity Tuesday morning, as traders waited for fresh news before making any big moves, analysts said.
Positioning ahead of Wednesday’s monthly USDA supply and demand report was also a feature of the activity.
The upswing in the value of the Canadian dollar was bearish, as it made canola less attractive to crushers and exporters.
The large global oilseed supply situation was also overhanging canola.
On the other side, some spillover support came from the gains seen in Chicago soyoil and soybean futures.
Worries about tight Canadian canola supplies, as weather problems persist in Western Canada, were also underpinning prices. Parts of Alberta and Saskatchewan are still in need of rain, while areas in Manitoba are experiencing excess moisture.
As of 8:43 CDT Tuesday about 3,000 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
