By Dave Sims, Commodity News Service Canada
WINNIPEG, August 15 – Canola contracts on the ICE Futures Canada platform were lower Tuesday morning, tracking losses in Malaysian palm oil and Chicago Board of Trade soyoil.
Canola continues to be buffeted by last week’s USDA report that called for a 4.4 billion bushel soybean crop in the US.
Weakness in US soybeans contributed to the downside.
Crush margins in Western Canada are at some of their lowest levels since last summer.
However, the Canadian dollar was slightly weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Although recent rains have lessened the heat-stress on canola the crop-potential has still fallen, an analyst said.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:05 CDT
