By Dave Sims, Commodity News Service Canada
WINNIPEG, March 17 – ICE Canada canola contracts were lower Tuesday morning, in sympathy with US soy.
Malaysian palm oil and European rapeseed futures were also lower which pressured canola.
There is speculation early planting conditions could be coming to Western Canada which was bearish.
The large crop in South America was also bearish, said a trader.
However, the Canadian dollar was slightly weaker against its US counterpart which helped to limit the losses. A weaker loonie makes canola more attractive to domestic crushers and exporters.
Commercial demand for canola has been steady while traders continue to put a weather premium into the markets ahead of spring planting due to the dry weather.
About 1,800 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:
