By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 27 – The ICE Futures Canada canola market was steady to slightly higher amid quiet activity Wednesday. Weakness in the Canadian currency was providing support, while a softer tone in Chicago soyoil futures was bearish, according to analysts.
Ongoing worries about tight Canadian canola supplies and dryness causing problems for some western Canadian canola crops this year were underpinning the market.
Strength in Chicago soybean futures and continued slow farmer selling in Western Canada were also supportive.
On the other side, softness in European rapeseed futures weighed on prices, as did the large global oilseed supply situation.
Sentiment that canola is looking overpriced compared to other oilseeds was also bearish.
As of 10:49 CDT Wednesday, about 13,700 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
