By Dave Sims, Commodity News Service Canada
WINNIPEG, August 12 – Canola contracts on the ICE Futures Canada platform were lower Tuesday morning in sympathy with CBOT soybeans.
Today’s crop report from the USDA is expected to reveal record large production of US soybeans which is bearish for prices. That report is due to be released at 11 a.m. CDT.
European rapeseed futures, Malaysian palm oil and Chicago soyoil were all lower which pressured values.
Dry conditions in parts of western Canada are causing concern for growers, which was supportive.
Reduced end-user demand and the slightly weaker Canadian dollar underpinned futures.
About 1,200 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
