By Dave Sims, Commodity News Service Canada
WINNIPEG, April 21 – ICE Canada canola contracts were lower Tuesday under pressure from losses in US soybeans and soyoil.
European rapeseed futures were also down slightly which contributed to the losses.
Investors are positioning themselves ahead of Thursday’s Statistics Canada planting intentions report.
A lack of farmer selling and the need to keep weather premiums in the futures helped to underpin values, said an analyst.
However, the Canadian dollar was weaker compared to its US counterpart which gave canola some support.
Malaysian palm oil and US soymeal were both firmer today which limited the losses.
Trading could be choppy going forward as Canada’s Federal Budget is due to be released later today.
About 5,400 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
