By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 26 – Canola contracts on the ICE Futures Canada platform were holding steady at 10:34 CDT Tuesday, as traders were waiting to see if cold weather in parts of the Prairies overnight damaged any crops.
Temperatures dropped close to freezing in some parts of Manitoba and Saskatchewan last night, though high humidity likely prevented any damage, analysts said.
Sentiment that the market is oversold was supportive for canola, as was a firmer tone in Chicago soyoil futures.
However, weakness in Chicago soybean, Malaysian palm oil and European rapeseed values spilled over to weigh on canola.
The upswing in the value of the Canadian dollar and ongoing expectations of a record large upcoming US soybean crop were also bearish.
As of 10:34 CDT Tuesday, about 8,200 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
