By Dave Sims, Commodity News Service Canada
WINNIPEG, November 1 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, weighed down by currency issues and losses in soyoil.
The loonie was stronger relative to its US counterpart, which made canola less attractive to domestic crushers and out-of-country buyers.
Losses in Malaysian palm oil, European rapeseed futures and Chicago Board of Trade soybeans were bearish for canola.
Crushing activity has cooled off slightly, according to an analyst.
However, weather delays in the harvest were supportive.
Global demand for oilseeds is strong and the technical bias is to the upside, according to a report.
About 4,200 canola contracts had traded as of 9:00 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CDT:
Price Change
Canola Nov 514.40 dn 3.20
Jan 521.10 dn 1.20
Mar 525.00 dn 1.40
Milling Wheat Dec 237.00 unch
Mar 242.00 unch
Durum Dec 313.00 unch
Mar 318.00 unch
Barley Dec 132.50 unch
Mar 134.50 unch
