By Dave Sims, Commodity News Service Canada
WINNIPEG, June 17 – Canola contracts on the ICE Futures Canada platform were lower Tuesday morning following the CBOT soy complex.
The technical bias is on the downside this morning, despite the strength seen in canola the past few days. Reduced concerns about the dwindling supplies of US soybeans are weighing on values along with the generally positive outlook of the canola crop, according to a report.
Excess moisture in Western Canada is lending support to values as an uncertain amount of acres in southwest Manitoba and southeast Saskatchewan are widely expected to be lost.
Unrest in Iraq continues to lend spillover support to other markets, an analyst said.
There is talk canola is a bargain compared to other vegetable oils.
About 2,200 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
