By Dave Sims, Commodity News Service Canada
WINNIPEG, September 3 – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning due to spillover selling in CBOT soybeans and European rapeseed.
Soyoil was also on the defensive which was bearish.
The Canadian dollar was stronger against its US counterpart which also pressured values.
The Bank of Canada is scheduled to make an announcement on interest rates today which could affect the dollar.
However, Tuesday’s strength in canola futures was seen as a sign that the market has established a short term bottom, which was supportive.
Concerns about frost potential in parts of Western Canada also helped to limit the losses.
About 4,700 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:
