By Dave Sims, Commodity News Service Canada
WINNIPEG, July 15 – ICE Canada canola contracts were lower Wednesday morning, in sympathy with the US soy complex.
Malaysian palm oil and European rapeseed futures were also lower which pressured canola.
Rain across various parts of Western Canada has partially alleviated dry conditions in certain spots, according to analysts.
Despite the recent moisture, there are still enough drought-stressed areas of land in the Western Prairies to underpin the canola market.
About 4,800 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Large supplies of soybeans on the world market were also bearish for values.
However, the Canadian dollar was weaker against its America counterpart which made canola more attractive to domestic crushers and exporters.
Prices in Canadian dollars per metric ton at 8:35 CDT:
